There are more cryptocurrency investors than stock market investors in France
According to a report by the cryptocurrency and blockchain teams of KPMG France, Bitcoin, Ethereum, Bitcoin Cash, Binance Coin, Shiba Inu, Dogecoin and Polkadot are among the most sought after cryptocurrencies in France.
The report attributes the growing popularity of the two meme coins to massive media coverage as well as Elon Musk’s frequent tweets revolving around Shiba Inu-related memes. The Tesla CEO recently hinted that Dogecoin might be accepted by his satellite company, Starlink.
Overall, a third of French people are considering investing in crypto. Bitcoin remains the top choice for crypto investors (49%), followed by Ethereum (29%). The King of Crypto is also the top pick among those only considering dipping their toes into crypto (69%).
Overall, 8% of French people are invested in cryptocurrencies, which surpassed the percentage of those who hold equities (6.7%).
When it comes to demographics, the results come as no surprise: crypto is mostly popular with millennial men.
Those Frenchmen who are still on the fence about investing in cryptocurrencies have named lack of knowledge as their main concern (48%). Nearly a third of the respondents are also hesitant to get exposure to the fledgling asset class because of risks associated with this as the industry is struggling to gain a sufficient level of legitimacy.
The French cryptocurrency sector continues to thrive, currently employing around 1,200 people. The vast majority of French cryptocurrency companies have vacancies after raising a cumulative €1.2 billion. However, most crypto start-ups struggle to find developers who would fill these vacancies.
As reported by U.Today, Shiba Inu was also among the most popular cryptocurrencies in India in 2021.
