France | 2022

Cryptocurrency adoption and trends in France in 2022

5.0

%

of French
own cryptocurrency

How many cryptocurrencies owners are in France?

It is estimated that 3.4 million people, 5.0% of France’s total population, currently own cryptocurrency.

French cryptocurrencies ownership demographics

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.

Graph showing the percentage of people owning digital currencies per income ranges in France

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.

Graph showing the percentage of people owning digital currencies for the different age ranges
Graph showing digital currencies ownership percentages broken down by education level

 

Majority of French cryptocurrency owners are highly educated, 51% of them hold a bachelor’s degree or higher. 

Main findings

 

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 cryptocurrencies 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 cryptocurrencies owners in France, with more than 72% of cryptocurrencies 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 cryptocurrencies owners (54%) having more than EUR$1,000 in cryptocurrencies assets.  A significant number of cryptocurrencies owners (14%) also have more than EUR$10,000 in cryptocurrencies assets.

Cryptocurrency purchase attitudes

 

The number of French cryptocurrencies owners using cryptocurrencies for purchases is growing. Despite a lower proportion of users using cryptocurrencies for purchases at first glance, a closer look will reveal an increase of 250,000 cryptocurrencies users that are using cryptocurrencies for purchases in 2022.

Graph showing an increase in the number of people using digital currencies for purchases in France between 2021 and 2022

 

With more than 45% of France cryptocurrencies owners using cryptocurrency for spending, we believe that cryptocurrency payment services will help to accelerate cryptocurrency adoption in France. 

70% of cryptocurrencies 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 cryptocurrencies transactions, we see that consumers are mainly using cryptocurrencies 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.

Future outlook

 

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 cryptocurrencies 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-digital-currencies 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 cryptocurrencies respondents agree that businesses would stand to benefit from adopting cryptocurrency payments.

Percentage of people that think that companies can improve their sales by accepting digital currencies payments in France

Sign up to our newsletter
& stay tuned!

You can unsubscribe at any time. Read our Privacy Policy.