The Popularity of Cryptocurrencies in France
Cryptocurrencies have become the second most popular type of investment asset among the adult French population, according to a recent survey conducted by the Organisation for Economic Co-operation and Development (OECD) and published by France’s principal financial regulator, the Autorité des Marchés Financiers.
The survey reveals that 9.4% of the French population currently holds crypto assets, which is only slightly lower than the percentage of individuals holding the most popular investment asset, real estate funds, at 10.7%. Additionally, 2.8% of respondents reported owning nonfungible tokens.
Interestingly, the survey also identified a group of “new investors” who started investing since the beginning of the COVID-19 pandemic in March 2020. These new investors, predominantly male (64%), are significantly younger than traditional investors, with an average age of 36 compared to 51. Among this group, 54% are invested in cryptocurrencies.
However, the survey authors noted that new individual investors generally have a relatively low level of financial knowledge, especially those in the youngest age group (18-24). They were more likely to provide incorrect answers about investment strategy basics compared to traditional investors.
The survey was conducted among 1,056 respondents in the spring of 2023 and included 40 in-depth interviews to understand their needs and motivations.
France has been actively positioning itself as a leader in the digital economy and innovation within Europe. In September, local telecommunications group Iliad announced a 100 million euro ($106 million) investment to establish an “excellence lab” dedicated to artificial intelligence research in Paris. Additionally, this month, the Institute of Crypto-Assets, the first of its kind, opened in the business district outside of Paris.
The growing popularity of cryptocurrencies in France reflects the global trend of increasing interest and adoption of digital assets. As more individuals recognize the potential of cryptocurrencies as an investment asset, it becomes crucial to ensure access to reliable information and education to empower investors to make informed decisions.
Disclaimer: This article is for informational purposes only and should not be considered as financial advice. Please consult with a professional financial advisor before making any investment decisions.