Cryptocurrency investment has steadily grown in Switzerland over recent years. However, most Swiss people remain skeptical about investing in digital currencies, suggesting that crypto has not yet reached mainstream status, according to a new study by IFZ Zug, a research institute of the Lucerne University of Applied Sciences.

The study, which polled more than 1,700 people in Switzerland in Q1 2026, found that 18% of respondents currently hold cryptocurrencies such as bitcoin. The figure marks a 2 point increase from the previous year and up 7 points from 2024. Based on Switzerland’s total population, this implies that roughly 140,000 new crypto investors entered the market between 2025 and 2026.

Even though more people are investing in cryptocurrencies, widespread acceptance remains out of reach. When asked whether they planned to invest in cryptocurrencies over the next two years, 70% said they are unlikely or have no intention of doing so, and only 16% said they are likely or certain to invest. This reflects that skepticism and caution still prevail among the general population.

The study also found that adoption differs depending on gender, age, and other factors. Men are considerably more willing to invest in cryptocurrencies than woman, with 23% of men entering the market positively, compared to 11% for women. Furthermore, younger generations, particularly Millennials and Gen Zs born between 1981 and 2012, are more open to crypto investments than older age groups.

Another influential factor is prior involvement with cryptocurrency. Those who already own crypto mostly plan further engagements. People who have never invested generally rule it out entirely. Former investors fall somewhere in between.

Most notably, the study reveals that previous crypto experience has the strongest impact. Currently invested persons mostly expect further engagements; never-invested persons largely reject entering the market; while former investors occupy a middle position.

Trust as a critical factor

The study also reveals that crypto investors value affordability, functionality, and intuitive usability when choosing a provider. 85% of respondents cited simple and easy-to-understand asset monitoring as a relevant characteristic for bank-related crypto offerings; 85% cited low fees and costs; 77% cited easy and intuitive app or platform usability; and 77% cited trust in transaction processors.

However, the study shows that in concrete decision-making, participants weigh the provider more heavily than the price. In a decision experiment with randomly varied portfolio profiles, doubling the annual fee from 0.6 to 1.2% had virtually no impact on investment decisions.

By contrast, the provider influenced investment decisions significantly more. With a cantonal bank, a median of 31% of gains were invested, while with Coinbase, that figure stood at 21%, marking a difference of approximately 11 points.

This implies that even when annual fees are increased drastically, people still prefer investing with a reputable provider, showing that trust outweighs cost when it comes to actual wallet allocation.

These findings also suggest that Swiss investors see traditional banks as more secure and reliable custodians, even for risky assets like crypto, underscoring significant opportunities for traditional financial institutions.

Fintech firms dominate crypto investing in Switzerland

Despite higher levels of trust in traditional financial institutions, fintech companies and digital platforms are the dominant players Swiss crypto investors turn to. Among these, digital bank Revolut takes the lead with a penetration of 16%, followed by homegrown neobanking platform Yuh at 14%.

Established financial institutions remain relevant but trail slightly behind, with Swissquote boasting a rate of 10%, and PostFinance, 7%.

Specialist platforms also perform competitively, led by Binance at 13%, Kraken at 7%, Bitpanda at 7%, and Crypto.com at 5%.

However, investors preferences differ when considering future intentions. Among respondents willing to explore crypto investments in the future, confidence tilts toward established, trusted institutions. Notably, cantonal banks like Zurcher Kantonalbank (3%), Zuger KantonalBank (3%), and St. Galler KantonalBank (3%) rank remarkably high, performing on par with pure crypto providers like Sygnum (3%), and Kraken (3%).

This suggests that trust in regionally anchored, government-affiliated institutes is a decisive factor for future crypto engagements.

With crypto adoption in Switzerland continuing to rise, the Federal Council is currently looking to introduce new licensing categories tailored to the crypto sector. These changes aim to increase to attractiveness of Switzerland as a fintech and blockchain enter by improving the framework conditions.

The proposed amendment to the Financial Institutional Act (FinIA), unveiled in October 2025, introduces the payment instrument institution licence for issuers of fiat-backed stablecoins, replacing the current fintech licence and removing the CHF 100 million deposit cap while strengthening customer asset protection and AML requirements; and the crypto institution licence for firms providing services such as custody, trading, brokerage, and certain staking activities involving crypto-assets.

As of mid-2026, the proposal is still in the legislative process and has yet to become law.

Featured image: Edited by Fintech News Switzerland, based on image by deankresh via Magnific