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There are more cryptocurrency investors than stock market investors in France
According to a report conducted by the cryptocurrency and blockchain teams at KPMG France, Bitcoin, Ethereum, Bitcoin Cash, Binance Coin, Shiba Inu, Dogecoin and Polkadot are among the most desirable 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 Frenchmen plan to invest in crypto. Bitcoin remains the top choice for crypto investors (49%), followed by Ethereum (29%). The crypto king is also the top choice among those who are only planning to dip 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, there is nothing surprising about the findings: 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 roughly 1,200 people. The vast majority of French cryptocurrency companies have open job positions after raising a cumulative 1.2 billion euros. However, most crypto start-ups are struggling 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.