Cryptocurrency adoption and trends in France in 2022
of French
own cryptocurrency
It is estimated that 3.4 million people, 5.0% of France’s total population, currently own cryptocurrency.
Breaking down cryptocurrency ownership by income, ownership levels are significantly higher among the very wealthy. 67% of the surveyed French have an annual income greater than €300,000, more than twice that of any other income group.
Majority of French cryptocurrency owners are in the 18-34 age group (50%). Only 6% of them are 55 and above. This suggests that cryptocurrencies are largely owned by younger French residents.
Majority of French cryptocurrency owners are highly educated, 51% of them hold a bachelor’s degree or higher.
From the survey conducted, we see a staggering 90% of French adults have heard of cryptocurrencies. This has risen across our data findings by a significant 39 percentage points in 2022 – from 51% in 2021.
We see 5.0% of French adults currently hold cryptocurrency, or approximately 3.4m people in 2022. By comparison, our data shows that crypto ownership in France has risen rapidly growing 1.7% in a single year, from 3.3% in 2021.
Bitcoin remains the most popular choice for crypto owners in France, with more than 72% of crypto owner respondents possessing Bitcoin. Ethereum follows closely in second place given the cryptocurrency’s wide applications, followed by Tether (USDT), Ripple (XRP) and other Altcoins.
People are increasingly viewing cryptocurrency as a safe asset and an alternative to national currencies, with majority of crypto owners (54%) having more than EUR$1,000 in crypto assets. A significant number of crypto owners (14%) also have more than EUR$10,000 in crypto assets.
The number of French crypto owners using crypto for purchases is growing. Despite a lower proportion of users using crypto for purchases at first glance, a closer look will reveal an increase of 250,000 crypto users that are using crypto for purchases in 2022.
With more than 45% of France crypto owners using cryptocurrency for spending, we believe that cryptocurrency payment services will help to accelerate cryptocurrency adoption in France.
70% of crypto spenders are spending more than EUR$100 of cryptocurrency for purchases monthly, with a significant amount (30%) being large spenders of more than EUR$1,000 monthly.
Upon closer observation of crypto transactions, we see that consumers are mainly using crypto for purchases of goods and services domestically, with 56% of cryptocurrency owners using it for domestic payments.
The potential for businesses to seize this attractive opportunity and win new customers is very optimistic.
Survey results show that cryptocurrency payment services are eagerly anticipated across the retail industry. Respondents showed interest in all the major categories ranging from Entertainment, E-commerce and Luxury Retail, etc.
Cryptocurrency is gaining the attention it deserves. 2021 was the year that cryptocurrency was in the spotlight as major institutions, celebrities and public figures all jumped on the crypto bandwagon. Bitcoin and other cryptocurrencies also broke through all-time highs. Given this, a third of French survey respondents (34%) are seeking to increase their holdings of cryptocurrency over the next year.
Majority of non-crypto respondents (69%) cited a lack of knowledge, presenting strong potential for increasing cryptocurrency adoption with proper channelized education and awareness.
Additionally, greater adoption of cryptocurrency payment options across merchants can also have a network effect on more rapid adoption of cryptocurrency in the populace, given that 16.3% of respondents cited not owning cryptocurrency as their current merchants do not accept it.
Given increasing cryptocurrency adoption in today’s world, businesses would benefit by integrating cryptocurrency payment into their payment ecosystem. In fact, 74% of French crypto respondents agree that businesses would stand to benefit from adopting cryptocurrency payments.
