After CVJ.CH conducted a crypto survey in Zurich, a follow-up study was carried out in Zug. And indeed, differences can be observed in the heart of the Crypto Valley.
While the 100 respondents in Zurich expressed a rather skeptical attitude toward cryptocurrencies despite the large number of crypto companies, the question remained whether this would be different in Zug. The result: a more informed population, yet still low actual usage.
Zurich and Zug: two centers of the crypto world
Zurich is considered Switzerland’s financial center and is home to numerous banks, investment firms, and crypto companies. However, the survey revealed a surprising gap between the economic significance of blockchain technology and the general population’s knowledge. Nearly 50% of Zurich respondents stated that they knew nothing about cryptocurrencies, while many of those who had heard of them held a negative view.
Zug, on the other hand, has earned the name “Crypto Valley” in recent years. No other city in Switzerland has a higher density of blockchain companies. Projects such as Ethereum, Solana, and Cardano have their roots here. But how does this strong presence translate into public perception and cryptocurrency usage?
Unlike the Zurich survey, 82% of respondents in Zug knew what cryptocurrencies were. This is a significantly higher figure compared to Zurich, where nearly half had no knowledge of the subject. Blockchain and crypto are therefore more deeply embedded in Zug’s public consciousness. After all, residents can even pay their own taxes with Bitcoin (BTC) and Ethereum (ETH). However, even here, 18% of people are unfamiliar with the topic, highlighting that even at the heart of the crypto industry, there remains a need for education.
Nearly half of Zug’s respondents (45%) expressed a neutral opinion on cryptocurrencies. 26% viewed them positively, while 12% held a negative stance. In comparison, skepticism was greater in Zurich: most of those who were aware of cryptocurrencies had a rather negative attitude. This shows that Zug’s proximity to the crypto industry has led to a more nuanced perspective on the topic, whereas prejudice and skepticism still prevail in Zurich.
Despite greater knowledge, adoption remains muted
Although people in Zug have a higher level of knowledge about cryptocurrencies, investment remains hesitant. In Zurich, only 12% of respondents said they had invested in cryptocurrencies, while in Zug, this figure was slightly higher at 17%. However, the vast majority (83%) still have no personal investment experience. This indicates that knowledge alone is not enough to drive widespread adoption.
Interestingly, in both Zurich and Zug, none of the respondents had processed their crypto purchases through traditional banks. All investments were made via online brokers or crypto exchanges such as Swissquote, Binance, or Coinbase. This raises the question of whether the new digital asset offerings introduced by PostFinance and the cantonal banks will truly provide access to the general population or if the market will continue to be dominated by specialized platforms.
Gender differences were also observed. While 46% of male respondents expressed a positive view, 73% of women described their stance as “neutral.” Additionally, skepticism was higher among women, with 23% expressing doubts compared to only 10% of men. Age-related findings were less surprising. Younger respondents had a significantly more positive attitude (48% of those under 30), while even in the older age groups, over 20% remained open to the topic.
Bitcoin and Ethereum an integral part
Another interesting aspect was the choice of cryptocurrencies. In Zurich, Ethereum was the most popular currency, accounting for 29% of investments, closely followed by Bitcoin at 25%. A similar pattern was observed in Zug: in addition to these two leading cryptocurrencies, altcoins such as Solana (SOL), Cardano (ADA), Dogecoin (DOGE), and Polkadot (DOT) were also mentioned.
The two surveys highlight clear differences between Zurich and Zug. While knowledge and acceptance of cryptocurrencies were relatively low in Zurich, people in Zug were significantly more informed. However, even here, actual investment willingness remains low. Despite the strong presence of blockchain companies in Crypto Valley, the general public does not yet seem fully convinced of the technology’s benefits.
