In a recent survey commissioned by the Organisation for Economic Co-operation and Development (OECD) during the spring of 2023, new insights into French investment trends have emerged.
According to the OECD survey findings released on November 13, cryptocurrencies have now secured their place as the second most favored investment asset among the adult French population. The authoritative report, published by France’s principal financial regulator, the Autorité des Marchés Financiers, sheds light on the evolving landscape of investments in the country.
The survey discloses that approximately 9.4% of the French population holds crypto assets, while an additional 2.8% proudly possess nonfungible tokens. Interestingly, this places cryptocurrencies ahead of the most traditional investment assets, such as real estate funds, which experienced a decline of around 10.7%, slightly surpassing Crypto investors.
A noteworthy revelation from the survey indicates a surge in new investors entering the market during the COVID-19 pandemic in March 2020, with a majority being young men. An impressive 54% of these fresh investors are proud owners of crypto assets.
The survey authors express concern over the financial knowledge gap observed among young investors. There’s a possibility that this demographic may lack essential investment basics compared to their more-traditional counterparts.
Conducted in spring 2023, the survey gathered responses from over 1,000 participants and conducted 40 in-depth interviews. This comprehensive approach ensures a robust and nuanced understanding of the dynamics at play in the French investment landscape.
Simultaneously, on November 8, France took a proactive step by establishing the “Institute of Crypto Assets” at the Léonard de Vinci Center in Paris. Spearheaded by Cyril Grunspan, the institute’s director, it aims to be a beacon of crypto education.
The Institute of Crypto Assets operates under the guidance of a management committee comprising six industry practitioners. Notable figures include Nicolas Bacca, co-founder of Ledger, and Pierre Noizat, founder of the crypto exchange Paymium. The institute’s 11-member scientific board consists of experts from renowned French institutions, positioning it as a significant influencer in the crypto space.