BlockBeats News, May 8th, according to Reuters, the cryptocurrency advocacy group that aimed to persuade the Swiss National Bank to include Bitcoin in its reserves is expected to abandon this effort as it has failed to collect enough signatures to trigger a nationwide referendum.

Previously, Swiss authorities had given the organizers 18 months to amend the constitution to allow the Swiss National Bank to hold Bitcoin in addition to its gold and foreign currency reserves.

However, with only a few weeks left until the deadline, the "Bitcoin Initiative" stated that they have only gathered about half of the required signatures, falling significantly short of the Swiss legal requirement of 100,000 signatures.