In Switzerland, nearly a quarter of the population (23 percent) owns cryptocurrencies. According to a study by the Austrian crypto broker Bitpanda, this puts Switzerland ahead of Austria, France, Germany, and Italy.

Cryptocurrencies are especially popular among younger generations, with Generation Z and Millennials showing a strong interest. Nearly one-third of Swiss Millennials have already purchased cryptocurrencies.

More Popular Than Precious Metals

Young private investors view cryptocurrencies as a long-term investment. A recent YouGov survey commissioned by Bitpanda reveals that the percentage of the Swiss population investing in cryptocurrencies has increased from 21 percent in 2023 to 23 percent. In Switzerland, cryptocurrencies are even more popular than ETFs and precious metals, with only individual stocks being more widely held (28 percent).

Younger Generations Show Open Investment Behavior

Notably, cryptocurrencies are the most sought-after asset class among Generation Z (ages 18-27) and Millennials (ages 28-43). In Switzerland, 29 percent of Generation Z and 32 percent of Millennials have already bought cryptocurrencies. Optimism is high among the younger generations: nearly half of Millennials (47 percent) and Generation Z (51 percent) expect the Bitcoin price to rise within the next 12 months.

Martin Beranek, Commercial Director for Switzerland and Austria, emphasizes that younger generations exhibit different investment behaviors compared to older generations. They are more open to new asset classes like cryptocurrencies, viewing them as a way to build wealth over the long term and become less dependent on traditional financial institutions. Switzerland plays a pioneering role in Europe in this regard.

Long-Term Wealth Building as the Main Motivation

In the second quarter of this year, Bitpanda gained 500,000 new users, reaching a total of 5 million private investors in June 2024, highlighting the growing demand for digital assets in Europe. For Generation Z, the primary motivation for buying cryptocurrencies is the potential for long-term wealth building and independence from traditional financial institutions (36 percent). Millennials also value high return potential (31 percent) and independence (31 percent).

To further build trust in cryptocurrencies, younger generations are calling for more transparency (28 percent), market stability (27 percent), broader acceptance and usage, clear regulatory guidelines, and better security measures against hacking and theft.