The crypto market in France has experienced a significant surge in recent times, fueled mainly by the enthusiastic participation of young investors.
As companies scramble to navigate new regulations, a substantial portion of Gen Z and millennial individuals fearlessly dive into digital assets.
A recent survey conducted by crypto exchange KuCoin has revealed that approximately 8% of internet users aged 18 to 60 in France are actively involved in the digital currency space. A staggering 40% of this group is from the Gen Z demographic, spanning ages nine to 24.
Despite facing financial constraints, with 60% of Gen Z bitcoin users earning less than 35,000 euros per year, these young investors display remarkable adaptability and interest in the crypto market.
Crypto In France: The Appeal Of Quick Returns, NFTs
Unlike their older counterparts, Gen Z adults have preferred to seek quick returns from their crypto investments. This trend aligns with their growing interest in non-fungible tokens (NFTs), unique digital assets that have gained popularity in art, collectibles, and gaming.
The allure of potential profits and the thrill of participating in innovative markets have driven many young investors to embrace cryptocurrencies.
The survey also shed light on the choice of cryptocurrencies favored by young investors in France. Ethereum, the second-largest digital asset by market capitalization, has emerged as the clear winner among Gen Z investors, with 41% expressing interest in the asset.
Bitcoin slides back into the $29K level in the weekend chart: TradingView.com
This preference for Ethereum likely stems from its versatility, as it serves as a platform for various decentralized applications and smart contracts, offering unique and exciting opportunities for investment.
New Regulations And Company Involvement
The surge of interest in France’s crypto market coincides with introducing of the EU’s Markets in Crypto Assets (MiCA) regulation. Passed in April, this landmark legislation requires digital currency asset service providers to register with national authorities to cater to European clients.
As companies seek approvals and compliance in France, they are met with an influx of young investors eager to participate in the evolving landscape.
KuCoin CEO Johnny Lyu aptly described Gen Z as the generation that is not just participating but shaping the future of the crypto ecosystem. With their fearlessness, adaptability, and willingness to explore innovative opportunities, young investors leave an indelible mark on the industry.
Their embrace of digital currencies and NFTs influences the direction of blockchain technology and financial markets, fostering an environment of creativity and disruption.
Featured image from Wccftech