In a Bearingpoint survey, the results of which were published on July 30, more than 4,000 adults in Germany, Austria, and Switzerland were interviewed. Austria was in the middle: 18% of respondents reported using cryptocurrency at least occasionally, confirming that the gap is not just about interest in digital assets, but also how each market has evolved over time.
YouGov conducted an online poll between June 18 and 29, which involved 2,031 people in Germany, 1,003 in Austria, and 1,001 in Switzerland. The sample was weighted by age, gender, and region, providing a representative picture of the adult population in each country.
Switzerland also led in openness to state-issued digital money. 44% of respondents said they would consider using a central bank digital currency (CBDC), such as a digital franc, in everyday life, compared to 38% in Austria and 29% in Germany. A central bank digital currency is simply a digital version of state-issued money, not a privately issued cryptocurrency.
Dr. Robert Bosch, Global Head of Financial Services at Bearingpoint, stated that the survey results show Switzerland is not just more favorable towards cryptocurrencies, but also more generally ready to adopt digital money. Bosch noted:
"In Germany, they discuss the risks, while neighbors are already actively using digital money and investing more in it."
Early Regulations Laid the Groundwork for Switzerland
Switzerland's leadership reflects decisions made years before today's adoption data. In September 2020, parliament approved the Distributed Ledger Technology (DLT) Act, and this regulatory framework came into full force on August 1, 2021. Distributed ledger technology (DLT) is a shared record-keeping system that allows blockchain networks to securely record and verify transactions.
Instead of developing a completely new crypto law, Switzerland updated existing financial and civil legislation. The amendments clarified how tokenized assets fit into established legal frameworks, settled issues related to bankruptcy proceedings, and introduced licensing for specialized DLT-based trading venues. Such legal clarity tends to attract companies long before it is reflected in consumer surveys.
The timing was crucial. While most of Europe was still figuring out its regulatory framework, Swiss companies were already operating under clear rules. This gave founders, investors, and financial institutions time to build businesses, refine products, and gain practical experience before broader European regulations came into effect.
These early decisions also fostered the growth of "Crypto Valley," which spans Switzerland and Liechtenstein. According to a 2024 industry report, the ecosystem comprised 1,749 active blockchain and DLT companies, representing annual growth of 14% and an increase of 132% since 2020.
"Crypto Valley" Creates Its Own Momentum
Zug remains the center of "Crypto Valley," home to approximately 719 companies, or 41% of the ecosystem, while Zurich accounts for about 15%. Additional clusters have expanded in Geneva, Ticino, Lucerne, Neuchâtel, and Liechtenstein, giving blockchain companies access to lawyers, banks, developers, venture funds, and technical specialists without leaving the region.
This concentration creates an advantage that is hard to replicate. As more companies set up offices here, specialized financial services, compliance expertise, and investment capital tend to follow. Switzerland has become home to organizations linked to Ethereum, Cardano, Solana, Polkadot, Tezos, Sygnum Bank, Amina Bank, and Bitcoin Suisse, reinforcing this cycle.
Cryptocurrencies Evolve Alongside Traditional Finance
The survey results indicate that digital assets complement traditional financial system (TradFi) habits rather than replace them. From 80% to 87% of respondents in the three countries still consider state-issued currencies effective payment tools, while about 64% of Swiss respondents continue to prefer gold as a hedge against inflation.
This combination is becoming more common. People often view cryptocurrency as just another financial instrument, not an alternative to traditional money, allowing banks and policymakers to expand digital offerings without displacing established financial products.
Germany Counts on Banks to Close the Gap
Germany still lags behind Switzerland in retail cryptocurrency adoption, but its banking sector could change that picture. Cooperative banks linked to DZ Bank and savings banks linked to Dekabank collectively serve around 80 million clients, giving them reach that few crypto platforms can match.
At the end of December 2025, DZ Bank received approval to launch its "meinkrypto" platform, which integrates into the VR Banking app. The service launched with support for Bitcoin, Ether, Litecoin, and Cardano, with asset custody provided by Börse Stuttgart Digital. Individual cooperative banks still have to decide whether to activate this feature.
Dekabank is developing a similar platform for the German Sparkassen network, which serves about 50 million clients. Rollout is expected to continue into 2026, with initial support for Bitcoin and Ether. Integrating cryptocurrencies into familiar banking apps removes one of the biggest hurdles for newcomers, eliminating the need to open accounts on separate digital asset platforms.
Scale of Germany's Banking System Matches Switzerland's Early Lead
Switzerland gained its advantage through regulatory certainty and years of ecosystem development. Germany is pursuing a different strategy, leveraging established banks and existing client relationships to expand access within the European regulatory framework.
This approach gives Germany enormous distribution potential, yet Switzerland still benefits from years of experience, infrastructure, and business concentration. Future Bearingpoint surveys, as well as data on client numbers using German banking platforms, should give a clearer picture of whether the gap will begin to close or Switzerland will continue to solidify its leadership.
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