France’s Crypto Craze: OECD Survey Unveils Investment Shift
Cryptocurrencies are the second most popular type of investment asset among the adult French population, according to a survey by the Organisation for Economic Co-operation and Development (OECD) published by France’s principal financial regulator, the Autorité des Marchés Financiers, on Nov. 13.
Cryptocurrency: A Close Second to Real Estate Funds
The survey shows a significant trend in investment preferences among the French. With 9.4% of the population holding crypto assets, it stands just below the most popular asset class, real estate funds, at 10.7%. The interest in digital assets extends to nonfungible tokens (NFTs), with 2.8% of respondents acknowledging their possession.
Emergence of New Investors Since COVID-19
A notable demographic change has been observed in the investment world. Post-COVID-19, a new category of investors has emerged, predominantly male (64%) and significantly younger, with an average age of 36 compared to 51 for traditional investors. This group shows a strong inclination towards cryptocurrencies, with 54% holding crypto assets.
Financial Literacy Among Young Investors
The survey’s authors pointed out a concerning trend: new individual investors, especially those aged 18–24, show a “relatively low level of financial knowledge.” They often lack an understanding of basic investment strategies, a gap that needs addressing in the rapidly evolving investment landscape.
France’s Digital Economy Ambitions
Aligning with its digital economy ambitions, France is taking significant steps to position itself as a leader in Europe. Recent developments include a substantial investment by telecommunications group Iliad into AI research and the establishment of the Institute of Crypto-Assets, setting the stage for France’s continued innovation in the digital space.
The findings of this survey, conducted among 1,056 respondents with additional in-depth interviews, reflect France’s evolving investment landscape and its increasing embrace of digital assets.