The Swiss and Austrians consider cryptocurrencies more reliable than the Germans and French. A survey conducted by YouGov on behalf of BearingPoint revealed this.
The vast majority of respondents in Switzerland, Germany, Austria and France do not believe their national currencies will be replaced by digital currencies. However, nearly one-fifth of respondents believed the introduction of a central bank digital currency would be a good idea. It should also be noted that the Swiss and Austrians consider cryptocurrencies to be more reliable than the Germans and French. A new survey conducted by YouGov on behalf of management and technology consulting firm BearingPoint reveals just that.
Zurich, August 4, 2022 – The vast majority of people know about cryptocurrencies, but few use them. However, a new YouGov poll commissioned by management and technology consultancy BearingPoint shows that 28% of Swiss believe they are an appropriate form of investment.
Almost everyone knows the concept of cryptocurrencies, but few use them
In Switzerland and Austria, people are most familiar with the topic of cryptocurrencies, with only 7% of respondents not knowing what these currencies are. In Germany, 1 in 10 people have never heard of cryptocurrencies, compared to 14% in France. Meanwhile, across all countries, the number of respondents who said they knew or used cryptocurrency very well remained below 10%.
Most respondents do not believe in replacing national currencies with digital currencies
For 72% of Swiss, the national currency is unlikely to be replaced by a central bank digital currency. If this number is high, Switzerland is the country with the lowest such skepticism compared to its neighbors. Additionally, respondents were, on average, less confident in cryptocurrency price stability (22%). National currencies (franc or euro) are seen as more reliable (68% of respondents), while gold is by far the most confident asset (87%).
Marco Kundert, Partner at BearingPoint, said: “Compared to neighbouring countries, the Swiss are the most open to cryptocurrencies. Despite this, the number of users is still low (8%). This is due to the high volatility of the asset class, the lack of when depositing Security and regulatory uncertainty. In addition, the majority of Swiss surveyed said they would use the digital Swiss franc for payments in the future if the currency emerged. Demonstrating this innovation in digital payments would be Swiss and even international financial A positive sign from the center.”
One in five think the digitisation of the Swiss franc is a good idea
On average, one-fifth of respondents thought it would be a good idea to create a central bank digital currency (i.e. a digital franc or euro). Respondents in Switzerland and Austria supported the idea the most (22% in both cases), followed by Germany (19%) and France (18%). Furthermore, Switzerland is the only country where more than half of the surveyed population (56%) would consider using the digital franc as a means of payment. Compared with other countries that are ready to use a central digital currency, 36% (Germany) and 43% (Austria and France).
People who are still reluctant to invest in cryptocurrencies
Overall, people are still very reluctant to invest in cryptocurrencies. The vast majority of respondents in Switzerland (79%) have never invested in cryptocurrencies. In Germany and Austria, the figures are 81% and 80%, respectively. France came in last with 86 percent. Of the Swiss who have taken the plunge, more than 7% choose to invest through an account on a cryptocurrency exchange. Only 3% do so through their bank, 5% through an online broker, and 5% through a professional cryptocurrency broker.
Stéphane Bellac, Partner at BearingPoint, added: “We have observed that younger generations in Switzerland have a more positive view of cryptocurrencies than their elders and are more invested in this asset class. Therefore, for banks and online brokers to come Saying that adding crypto assets to their offering is an opportunity to better serve and retain these customers.”
Gold remains the investment of choice
Gold remains the most appropriate form of investment for over 80% of respondents (all countries combined). This is followed by stocks (including investment funds) and government securities such as cash, bonds, term deposits or money market funds. In Switzerland, 87% of the population see gold as an appropriate form of investment, rising to 91% in Austria. Similar observations were made in Germany (83%) and France (80%). Cryptocurrencies are ranked after stocks and government securities, as only 25% of respondents on average across the four countries consider them to be suitable investments. Switzerland tops the list with 28%, followed by France (25%), Austria (24%) and finally Germany (22%).
Novices prefer to make their first investment in crypto assets through their traditional bank
How to invest in cryptocurrencies? One in 10 respondents planned to invest through their usual bank before a cryptocurrency exchange, online broker or professional cryptocurrency broker.
The study shows the difference between experienced and novice in cryptocurrency. In fact, only 3% of Swiss who have invested in cryptocurrencies have gone through their usual bank. Conversely, 13% of those who have never invested in cryptocurrencies would first invest in their usual bank, a population four times the number of those who have already invested. The figures for Austria, France and Germany are similar, and the trend is clear: major banks are attractive to those who want to learn about cryptocurrencies. It should also be noted that more than 1 in 10 responded that they did not know how to invest in cryptocurrencies so far.