Bitpanda Research: Who are France’s crypto investors?

In France, we found that cryptocurrencies are well on the way to becoming the nation’s most popular asset class, with 14% of French investors holding crypto, a number only beaten by individual stocks (15%). 

Millennials are turning to crypto, Gen Z is following suit

The rise in crypto’s popularity is being driven by younger investors. Our survey found that crypto is the top asset class in France for those under 43 (Gen Z and millennials): A notable 23% of millennials (28-43 years) have reported investing in digital coins, while 21% of Generation Z (18-27 years) have also already entered the crypto market. This makes cryptocurrencies one of the most widely used asset classes for young people in France, surpassing all other forms of investment asked about in the YouGoV survey.  

This represents a stark difference to the investment habits of Generation X and Baby Boomers. Only 13% of Generation X have invested in cryptocurrencies to date, and just 3% of baby boomers. Additionally, around half of baby boomers and Generation X (52%) stated that they do not intend to invest in ETFs, individual shares, cryptocurrencies, commodities and precious metals in the future. Based on our survey, the motivation to invest in a diverse range of asset classes is much more pronounced among the younger generations.

Optimism for the future of the crypto market

The data also suggest that optimism towards cryptocurrencies in France could continue to grow in the future. The YouGov survey shows that the proportion of young French people who would like to invest in crypto in the future is even higher than the proportion of those who have already bought crypto. Around one in three French millennials (32%) plan to invest in cryptocurrencies in the next 12 months. Interest is also high among Generation Z, with 29% planning to enter the crypto market in the coming months. 

This optimism is reflected in their expectations regarding the price of Bitcoin. Regardless of whether they have already invested or not, 41% of millennials and 45% of Gen Z are firmly convinced that Bitcoin will increase in value over the next 12 months. 

Eric Demuth, Co-founder and CEO of Bitpanda said: "The results of the latest YouGov survey underline the growing confidence and enthusiasm of young French people for cryptocurrencies. It is remarkable that 23% of millennials and 21% of Generation Z have already invested in digital currencies. These young people continue to drive the adoption of cryptocurrencies. At Bitpanda, we are proud to support this development and offer our customers the opportunity to invest in cryptocurrencies easily and securely."

Factors driving adoption

There are several reasons people are choosing to invest in crypto, but the main factor for young French investors is long-term investment potential (27%). A further 26% value the high potential returns and 24% emphasise the independence from traditional financial institutions.

Trust remains a key factor

The trust of Generation Z and Millennials in the crypto industry still has to be earnt, and there are some major steps factors that could help deliver that trust. Most individuals under 43 years old would like to see clear legal provisions and government regulation, as well as more transparent information and education about cryptocurrencies (23% each). A further 22% would like better security measures against hacker attacks and theft. These measures could significantly increase the trust of Generation Z and millennials in cryptocurrencies in the future.

Download Survey Results

Disclaimer

This article is distributed for informational purposes, and it is not to be construed as an offer or recommendation. It does not constitute and cannot replace investment advice. Bitpanda does not make any representations or warranties as to the accuracy and completeness of any information contained herein. Investing carries risks. You could lose all the money you invest.