In this exclusive interview, we dive into the heart of Bitcoin adoption and regulation in Switzerland with Samuel Kullmann, a forward-thinking member of parliament and dedicated Bitcoiner. As Switzerland paves the way for innovative financial approaches, Kullmann shares unique insights into how a Bitcoin standard could reshape not just Swiss politics but global economics. What does the future hold for Bitcoin in Switzerland’s decentralized system? And could a Bitcoin-based economy redefine how governments operate?
Watch the full video below to hear directly from Samuel Kullmann on these pressing topics and more.
Interviewer: So today we’re talking to Samuel Kullmann. He’s a political scientist, a member of parliament in Switzerland, and a Bitcoiner. Is that right?
Samuel Kullmann: Yes, that’s true.
Interviewer: From your perspective as a politician, how would you describe Switzerland’s stance on Bitcoin in terms of regulation?
Samuel Kullmann: Switzerland implemented quite decent regulation about 10 years ago. Our finance minister actually reached out to the Bitcoin community for help in drafting it because, at that time, no one in Parliament really understood Bitcoin. It was seen as a technical matter involving laws and distributed ledger technology, so it was approved unanimously. Thankfully, we had knowledgeable people writing these laws, and I think that has been beneficial for Switzerland.
Interviewer: Great. And what do you see as your responsibility as a politician and Bitcoiner to advance Bitcoin adoption?
Samuel Kullmann: As a politician who’s also a Bitcoiner, I believe it’s crucial to educate people because there are so many scams out there. One of my roles is to inform people about why Bitcoin specifically is important and how to avoid scams, emphasizing the importance of self-custody. If you care about your nation and the people around you, you want the best for them. I feel my role as a Bitcoiner in politics is to create good laws that improve conditions for the region I live in. In March of this year, I introduced four bills that together make up a proactive Bitcoin strategy for my Canton.
Interviewer: What other projects are you working on that help advance Bitcoin in the economic and political landscape?
Samuel Kullmann: I’m part of the local Bitcoin meetup in my town of Thun, south of Bern. We started an organization two years ago called Bitcoin Alps, and we’re currently organizing our second regional Bitcoin conference. It’s not intended for hardcore Bitcoin enthusiasts but rather for newcomers who want to learn about Bitcoin for the first time. I believe hosting these low-key events really helps introduce Bitcoin to more people.
Interviewer: You proposed holding a referendum to add Bitcoin to the Swiss constitution. Could you explain what that entails?
Samuel Kullmann: It actually wasn’t my idea initially, but I liked it and decided to push it forward. The idea has been around for about four or five years, originating from someone in the French-speaking part of Switzerland. The proposal suggests amending the Swiss Constitution so that our National Bank would hold Bitcoin reserves alongside gold. We’re very close to being able to launch this initiative. Once we gather 100,000 signatures, all Swiss citizens would have the opportunity to vote on the amendment. The amendment doesn’t specify an amount of Bitcoin; it simply states that the National Bank should hold both gold and Bitcoin, which would only involve adding two words to the constitution. We expect this initiative to spark a nationwide debate.
Interviewer: Holding Bitcoin as a strategic reserve might catch on more quickly if a country like the USA were to adopt it, correct?
Samuel Kullmann: Absolutely. If the US takes that step, as Senator Cynthia Lummis proposed earlier this year, it could inspire many other countries to follow suit and prevent them from being left behind.
Interviewer: What do you think about MiCA, and do you think it could potentially have an indirect impact on how Switzerland will handle Bitcoin regulation?
Samuel Kullmann: I can’t say that I’ve read the MiCA regulations myself, but from what I’ve heard in the industry, it seems like there’s too much regulation and bureaucracy. It’s typical for the European Union, which is unfortunate because it makes things more expensive for startups and, in the end, for customers who simply want to buy Bitcoin from trusted exchanges.
Interviewer: What would you say is the general sentiment about Bitcoin among other politicians?
Samuel Kullmann: At least in my Canton B parliament, there’s a surprisingly high level of interest. We have more than 20 out of 160 MPs who are part of a loosely formed parliamentary group on Bitcoin, which I started three years ago. That doesn’t mean all of them are hardcore Bitcoiners, but they joined the group to learn more about the technology. Even MPs outside the group are aware that this is important and that they should educate themselves on the issue. I’m actually a bit optimistic that we might have a majority in December when the parliament will debate my four political bills. The timing might already be right.
Interviewer: How do you see the government’s role evolving over time if Bitcoin adoption grows and they no longer have traditional financial tools to fund themselves?
Samuel Kullmann: One of my theses is that a Bitcoin standard or the process of hyperbitcoinization will lead political systems to become more like Switzerland’s. The Swiss political system is more decentralized than others, with federalism and more direct democracy, so the government has much less power than in other countries. I don’t think a Bitcoin standard would abolish governments, as Switzerland’s example shows it’s possible to have a government accepted by citizens under a hard money standard, which Bitcoin would bring back. But I believe the system would need to become more like Switzerland’s to remain healthy and stable.
Interviewer: How do you think a Bitcoin standard would reshape the global economic system?
Samuel Kullmann: It would turn fundamental principles upside down. The fiat system incentivizes more debt, while a Bitcoin standard would eliminate most incentives for debt. The difference is stark—it’s like night and day. I’m not sure we can fully predict the consequences, but we can already see positive impacts in our personal lives as Bitcoiners. We think more long-term, and saving has become attractive again. From these individual benefits, we can extrapolate positive impacts for regions and nation-states, and assume that this shift will also have a beneficial global impact.
Interviewer: Great, thanks so much for your time.
Samuel Kullmann: You’re welcome.
