The importance of cryptocurrencies has increased significantly in recent years. In Switzerland, 11 percent of the population invest in crypto assets. Most people do this out of interest and curiosity with relatively small amounts - and less for reasons of return or diversification.
With the increasing spread of cryptocurrencies, more and more banks are offering trading in digital assets via e-banking and mobile banking. In a study commissioned by PostFinance, Lucerne University of Applied Sciences and Arts (HSLU) examined who invests in crypto assets and for what reasons. It is the first comprehensive and representative study on the topic of crypto investments by private individuals in Switzerland.
High awareness - moderate interest
Interest in crypto assets is moderate among the Swiss population as a whole. Around 8 percent are rather strongly or very strongly interested, with interest being more pronounced among younger generations, men and people with high incomes (Figure 1). At the same time, the majority of people living in Switzerland are now familiar with at least the best-known cryptocurrencies such as Bitcoin (87%) and Ether (35%) (Figure 2). Despite this, 82% of the population have never invested in crypto assets.
Only a few trade actively and with larger amounts
Crypto assets do attract a lot of attention in the media, says study author Andreas Dietrich from HSLU. ’This gives the impression that many people living in Switzerland are actively investing or trading in this market.’ In reality, only 11 percent of the population currently own crypto assets. Of this group, only around one in seven people actively trade or invest large amounts. Dietrich: ’This means that crypto assets as a whole are currently only of great importance to around 1 to 2 percent of the population.
Curiosity instead of returns and diversification
The majority of crypto investors invest small amounts in this form of investment. According to Andreas Dietrich, this indicates that many investments are rather experimental in nature. For example, 31 percent of respondents hold less than CHF 1,000 in crypto assets. Investors cite curiosity as the main motive for these investments (Figure 3). Taking advantage of potential returns and portfolio diversification are not unimportant, but overall they (still) play a subordinate role for many investors. The most popular providers for trading crypto assets among crypto investors are Revolut, Swissquote and Binance.
Growth potential of crypto investments
Potential crypto investors can be divided into three groups: Those who currently invest in crypto assets, those who never have, and former investors who currently no longer do. The analysis shows that it is challenging to attract new customers who have had no previous contact with crypto assets. ’The interest among this group, which has never invested before, is very low,’ explains Andreas Dietrich. Former investors do offer slightly higher potential for providers of crypto products, but also with limited growth opportunities, according to the interest and statements of the people surveyed in this group.
According to Andreas Dietrich, the greatest potential for financial service providers lies with existing investors through the expansion of their investments. However, it is also possible that the respondents themselves underestimate the long-term potential. Dietrich says: ’The integration of crypto investments into the offerings of established Swiss banks illustrates the growing influence of this asset class. Easy access via e- and mobile banking will further increase the prevalence of crypto assets among the population.’ Another indication of the potential is that securities investors invest in crypto assets significantly more often than people who do not invest in securities. According to this, these crypto investments are less significant than traditional asset classes such as shares, funds or bonds. However, investments in crypto assets are significantly more common than in derivatives (e.g. options).
Study on crypto investments
The study is based on a survey of a total of 3,017 Swiss residents aged between 18 and 74 conducted by a market research institute. The survey was conducted online in July 2024. The survey is representative of Switzerland in terms of the age, gender, education and language region of the respondents. In spring 2024, PostFinance became the first systemically important bank in Switzerland to launch a crypto offering. With this offering, PostFinance provides its customers with secure and easy access to the crypto market.
Definition: What is a crypto asset?
- Cryptocurrencies (e.g. Bitcoin, Ether)
- Stablecoins (examples’ )
- Exchange-traded funds (ETF)
- Exchange-traded notes (ETN) in the crypto sector
- Non-fungible tokens (NFT)
- Tokens of real assets (real estate, gold)
