Crypto Survey 2023

Investment behavior and needs of retail crypto and digital asset investors

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Shedding light into the crypto universe

The Strategy& Crypto Survey 2023 investigates the investment behavior and needs of retail crypto and digital asset investors. For this report, we have surveyed nearly 3,800 participants from Austria, Germany, Poland, Saudi Arabia, Switzerland, Turkey and the United Arab Emirates.

Key results of the report:

  • 1
    Rising allocated share of total wealth attributed to cryptocurrencies and digital assets across regions
  • 2
    Bitcoin remains the most popular digital asset, while Ethereum has experienced a significant decline in popularity with retail investors
  • 3
    Retail investors have remained invested after the crash and plan to increase their commitments further
  • 4
    More than 70% of retail investors expect a positive development of crypto markets in the coming year

Share of total wealth attributed to cryptocurrencies and digital assets

Across regions, almost one third of retail crypto investors have allocated more than 10% of their wealth to the asset class.

Crypto
ownership
Less
than 5%
Between
5% and 10%
More
than 10%
Austria 14% 38% 34% 28%
Germany 12% 38% 36% 26%
Poland 14% 33% 39% 28%
Switzerland 21% 35% 36% 29%
Turkey 471% 17% 34% 49%
Saudi Arabia 23% 24% 48% 28%
UAE 31% 24% 46% 30%
Growing adoption 2022-23
Stable adoption 2022-23
Declining adoption 2022-23

Key criteria for retail investors

When it comes to selecting a new trading platform, trustworthiness and security remain the key criteria for retail investors. Additionally, more than half of retail investors would consider changing their (neo-)bank or broker, if they do not have an appropriate digital asset trading offering.

Platform trustworthiness and security
%
%
Appealing cost structure
%
%
Broad selection of tradeable digital assets
%
%
Direct purchase of digital assets with fiat currencies
%
%
Good customer service
%
%
Intuitive website and app navigation
%
%
Other
%
%
2022
2023

Key learnings of the Crypto Survey 2023

Our survey indicates that allocated wealth has remained largely stable and a significant share of retail investors regard lower prices as an attractive opportunity to extend existing positions

For most retail crypto investors, digital assets represent a significant share of their wealth, on average between 5% and 10%

Overall, there is very limited diversification of digital asset investments, with 70% of retail investors having five or fewer different tokens in their wallet

Neo-brokers and neo-banks have gained significantly in popularity as a trading platform in Central Europe since our last survey in 2022, taking the top spot in Germany and Poland this year

Given the retail investors’ strong commitment to the asset class, they expect their bank or broker to offer a dedicated crypto trading and custody feature

Two major events within the space of one year have left a mark on retail investors, with more than half of them regarding the growing regulatory regime as a positive factor for the market and necessary for future growth

Jens-Peter Nees co-authored this report. Hendrik Bremer, Daniel Ettlin and Bartosz Cieślak also contributed to this report.

Contact us

Dr. Philipp Wackerbeck

Dr. Philipp Wackerbeck

Partner, Strategy& Germany

Felix Becht

Felix Becht

Partner, Strategy& Germany

Jorge Camarate

Jorge Camarate

Partner, Strategy& Middle East

Ozan Cığızoğlu

Ozan Cığızoğlu

Financial Services Leader, Strategy& Turkey

Andreas Traum

Andreas Traum

Partner Financial Services und Digital Assets Leader, PwC Germany

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