A new study revealed that crypto adoption in Switzerland continues to rise. Based on the latest data, one out of five Swiss have cryptocurrency ownership.
1 Out of 5 Swiss Own Crypto
In 2023, Switzerland emerged as the leading country in crypto adoption in Europe with a rate of 21%, surpassing the European average and 3% higher than last year. According to Statista, the country is ahead of the Netherlands and Norway, with crypto adoption rates of 19% and 17%, respectively. France, Italy, and Sweden lag behind with adoption rates of 11% each.
The European nation’s favorable regulatory framework for the crypto sector, coupled with its cutting-edge infrastructure, is the primary factor that attracts blockchain enthusiasts. It also boasts the crypto-valley in the canton of Zug, which is home to over a thousand cryptocurrency and blockchain startups, entrepreneurs, and communities. Thanks to its favorable tax rates, hospitable political environment, and favorable legal structure, the region is gaining popularity among investors.
Resetting the Rules in the Crypto-Valley
In March 2023, Switzerland’s crypto-valley implemented a major reset of its rules, partly in response to the many unfortunate events that had plagued the sector. The collapse of the FTX crypto-exchange, which began in November 2022, and the strong and long crypto winter that seems to have lifted precisely as of this year, are among the events that prompted the reset.
The head of Bitcoin Suisse, Dirk Klee, listed the unfortunate events in the crypto sector and emphasized that all of them were only the result of bad decisions and not technological problems. The crypto valley revised its position to provide a conducive climate for investments by startups, entrepreneurs, and communities. The region now has a more favorable institution toward cryptocurrency and blockchain startups.
Interest in ChatGPT and Artificial Intelligence
Switzerland is not only emerging as a leader in crypto adoption but also in its interest in ChatGPT and Artificial Intelligence (AI). A study published in April revealed a 3,700% increase in Google searches related to OpenAI’s project.
The canton of Ticino ranks 18th in terms of interest in ChatGPT, with a score of 53. Geneva, Zurich, and Basel are the top-ranking cantons with scores of 100, 93, and 91, respectively.
Swiss Post Launches Crypto Stamps 3.0
Swiss Post launched Crypto Stamp 3.0 just this May. It’s the third version of the collection of stamps in their physical and digital formats involving NFTs. Visitors to the Swiss Digital Days in 2022 created the designs for these stamps using an AI system trained to produce images, creating templates for this new series.
In a nutshell, Switzerland’s crypto adoption rate is the highest in Europe due to its favorable regulatory framework, cutting-edge infrastructure, and tax rates. The crypto valley’s reset of its rules, which created a more favorable institution towards crypto and blockchain startups, has played a significant role in this. The region is also gaining popularity in the areas of ChatGPT and AI. The Swiss Post’s launch of Crypto Stamp 3.0, involving NFTs, further demonstrates the country’s readiness to embrace the integration of new or emerging technology in various applications.
Giancarlo is an economist and researcher by profession. Prior to his addition to Blockzeit’s dynamic team, he was handling several crypto projects for both the government and private sectors as a Project Manager of a consultancy firm.