En 2022, cryptocurrencies and other NFTs have already largely made their mark in the global economic system. However, the contours of these new digital currencies remain quite obscure for ordinary mortals. For the first time, a study has been conducted on the subject. Commissioned by Adan, the Association of Professionals in the Digital Assets and Blockchain Technology Sector in France, and led by the KPMG firm, it gives a more precise idea of the profile of “crypto” enthusiasts.
First elementary observation, note Le Figaro, the use of digital currencies is still quite anecdotal in France. Only 8% of French people hold digital assets in January 2022 – mostly cryptocurrencies and, increasingly, NFTs (non-fungible tokens). Due to the complexity of the field, the practice remains the prerogative of the youngest. According to KPMG, 46% of cryptocurrency buyers are under the age of 35 (compared to 21% aged 35-44 and 10% over 66).
The French still very suspicious
Another lesson learned from the study commissioned by Adan: new investors are more cautious than one might think, especially since 37% of them declare less than 18,000 euros in annual income. 76% of them invest no more than 10% of their savings in cryptocurrencies. Conversely, only 7% devote more than half of their savings to it. This caution is largely explained by the motivations of investors. More than half of them launched after the crash of 2018, hoping to enjoy attractive returns.
But profit is not the only attraction of cryptocurrencies. 58% of their supporters believe that digital currencies are a good way to hedge against inflation. The other users willingly cite the confidentiality of transactions (18%), their lack of confidence in traditional banking institutions (12%), or the convenience of money transfers abroad. What to seduce the French massively? Not quite yet, although the phenomenon is progressing. 37% of French people surveyed say they are tempted by the principle, while the remaining 63% remain suspicious, if not hostile.