Bitcoin, Ether... The French increasingly attracted to cryptocurrencies

Despite a much less buoyant context over the last two years, cryptos are attracting more and more French people. According to the latest study conducted by KPMG and Ipsos for the Association for the Development of Digital Assets (Adan), 12% of French people declared that they owned cryptocurrencies at the start of 2024, or around 6.5 million people. They were 9.4% a year earlier and 8% in 2022. Note that the survey on which the study is based was carried out before the approval in the United States of the first ETFs on spot Bitcoin by the regulator American financial institution (the Securities and Exchange Commission (SEC) on January 10. The marketing of these products in the United States exploded demand for Bitcoin and has since propelled the most famous cryptocurrency from record to record. “Early 2024, near one in eight French people hold cryptoassets, and almost a quarter still plan to acquire them in the future,” note the authors of the study.

So-called active holders – who wish to continue to acquire them – represent 8% of the French population, compared to 3% at the start of 2023. “This trend coincides with a rebound in the valuations of the cryptocurrency market, whose total capitalization amounted to 900 billion euros at the time of the January 2023 survey compared to 1,700 billion euros in December 2023.” underlines the report.

In 2023, however, knowledge of cryptoassets has stagnated or even declined slightly. 82% say they have already heard of it compared to 85% in 2023. A. In terms of intention, 37% are interested in acquiring cryptocurrencies while 48% are reluctant.

What financial profile do these investors have? Higher socio-professional categories (CSP) represent 49% of holders, a lower figure than the previous year (56%). “The highest proportion of holders is now in the lower-income bracket, with 31% earning less than 18,000 euros compared to 22% last year,” notes the study. And what do they have in their portfolio, in their wallet? If Bitcoin remains the favorite crypto of the French with 60% of buyers who have already owned it, “the average number of different cryptocurrencies held per investor stood at 1.8. Among the “assets”, Ethereum token (ether), Polkadot token (DOT) and Solana token (SOL) stood out in terms of proportion. This can be explained in particular by the financial performance of these assets in the weeks preceding the survey. “explain the authors of the report.

Three quarters of crypto investors have invested less than 500 euros (a figure that has not changed for a year). But the proportion of those having purchased between 500 and 5,000 euros has increased, as has the range from 10,000 to 50,000 euros. In terms of frequency of transactions, 80% of French people owning cryptocurrencies carry out less than two transactions per month, one percentage down compared to last year's rate of 88%. Asked about their interest in new investment vehicles such as ETFs to access cryptocurrencies via their savings, 49% prefer direct exposure to cryptoassets rather than indirect through investment vehicles such as stocks or ETFs which collect interest from 25% of them.