My Take:

A recent study by Lucerne University of Applied Sciences and Arts (HSLU) confirms that crypto assets have surged into mainstream finance — especially in Switzerland and Liechtenstein. Global crypto market cap hit a record $3.5 trillion by mid-2025. Meanwhile, in my region, crypto investment products under management now total roughly 15 billion Swiss francs, a 67% jump in just one year.

The number of firms offering crypto services is also climbing — from 359 to 407 — with Zug and Zurich continuing to dominate, hosting over 60% of them. Liechtenstein and Geneva have also emerged as growing hubs.

What’s especially notable is that institutional players (like banks and corporate investors) are increasingly active, as evidenced by higher weekday trading volumes and longer holding patterns — a sign of growing legitimacy.

It’s also fascinating how Bitcoin is now seen not as a replacement for gold, but rather a complement. Portfolios combining Bitcoin, gold, and traditional assets have delivered the best risk-adjusted returns.

The study further highlights innovation in tokenized assets — such as bonds and equities being issued and traded on regulated platforms — and hints at future opportunities like tokenizing bank-issued medium-term notes.

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Summary in Short:

1. Crypto has entered the mainstream — now a recognized asset class, not just niche.

2. Market growth is tremendous — both globally (US$3.5T) and regionally (CHF 15B, +67%).

3. Crypto businesses are multiplying — especially in Zug, Zurich, Liechtenstein, Geneva.

4. Institutions are investing more — bringing credibility and stability.

5. Bitcoin complements, not replaces, gold in diversified portfolios.

6. Tokenized asset innovation is accelerating — with more regulated offerings emerging.