Chronicle of the chain of blocks. According to a study, 8% of French adults have cryptocurrencies and this figure should reach 12% by the end of 2022.
ADAN, the association of professionals in the French crypto sector, commissioned a study from KPMG France, carried out in collaboration with the IPSOS survey institute. The study reveals, in particular, that 8% of French adults have cryptocurrencies by the end of 2021. A figure that could increase to 12% by the end of the year.
On the eve of the long-awaited presidential election in France, the association of crypto sector professionals now has figures to back up its statement on the adoption of crypto assets in France.
The study in question is the first serious study carried out in France with IPSOS on a representative sample of French society made up of 2004 people in December 2021.
The study reports a few key points:
- 8% of French adults hold crypto assets, and this should reach 12% by the end of 2022
- 30% plan to invest in the near future
- 1 in 8 French adults under the age of 35 owns cryptocurrencies
Crossing the study in question with other more international ones validates the great trends observed since 2020.
According to a Hootsuite studyone As of Q3 2021, in the 16-64 age group, Thailand and Nigeria lead the crypto asset adoption rankings with 20% and 19.4%, respectively. OECD countries turn between 5% and 12% on average.
A big challenge for banks
22% of French respondents are willing to change banks for a bank that offers a cryptocurrency service.
Furthermore, 29% of crypto asset holders are customers of an online bank and 10% of a neobank, i.e. a respective overrepresentation of 9% and 4%.
Sociological analysis of cardholders highlights that this target group of under 35s is overrepresented.
It is a safe bet that the banks will be active on the side of the “corporate venture” seeking to acquire banks that offer these new services to capture this clientele and avoid an exodus that has already begun.
A recent news from the fintech Lydia highlights this trend after a very successful first step in the sector in the line of American fintechs such as Square. In fact, the company offers exposure to stocks as well as different crypto assets through a partner.
At the same time, crypto players like Coinbase, Crypto.com, to name a few, are already voracious with traditional payment solutions with millions of users, that is, so many players that they compete head-on with traditional banks.
A normalization in the political debate
The result of this adoption can be found in the beginnings of a more serious political treatment of the issue.
For this reason, the Ledger company invites all candidates for the presidential election to visit its facilities to discuss the issue. Some of them have already announced their proposal.
In the ADAN study, almost one in five French people say that the topic of cryptocurrencies will influence their decision in the next presidential election. More precisely, this topic will be decisive for 4% of them. Cynically, a young electoral clientele emerges from these statistics, while it is the age group historically furthest away from electoral issues and the vote.
It will be interesting to follow the positions of the different political families on this issue.
We are already seeing such polarization in the United States in a country where adoption is between 12 to 15% according to various studies with a very divided bipartisan system on the issue, as Elisabeth Warren’s words demonstrate.two or those of Ted Cruz3.
Finally, cryptocurrency holders could be among the winners regardless of which candidate occupies the Elysee Palace at the end of April 2022. It is not surprising that we see in the next elections in each country this same clarification to the following question: what national (and international) strategy to understand the issues of Internet of value? Great discussions ahead…