David Princay, the president of Binance France, which is the French subsidiary of the world’s largest cryptocurrency exchange, has stated that a survey conducted by his organization reveals that users perceive cryptocurrency as a mechanism for long-term savings. The study involved over 700 users and aimed to understand their behaviors.
“Binance France users are increasingly adopting cryptos for long-term savings and investments,” Princay said. “This also shows their resounding confidence in the future of digital assets.”
According to a post by Binance France on X, the survey discovered that 84% of respondents have been actively involved in the crypto community for at least one year. It was also found that 56% of respondents have utilized crypto for everyday purchases. This trend indicates a shift towards “concrete utility,” according to Binance France.
The same source revealed that 85% of those surveyed expressed optimism about crypto’s potential for growth and adoption, as well as future applications for blockchain technology. Furthermore, 30% of respondents are considered “long-term holders” of their digital assets, while an additional 29% regard crypto as long-term savings investments.
In a statement shared on a Binance blog post, Princay noted: “French crypto users are increasingly embracing cryptocurrencies for savings and long-term investments, reflecting the changing landscape and growing confidence in this emerging asset class. These promising results encourage us to continue to provide innovative solutions that meet the diverse needs of the French crypto community, fostering financial autonomy and contributing to the transformative potential of blockchain technology.”
The top reasons given by survey participants for starting to use crypto were potential returns (19%), appeal of decentralized finance (17%), innovation allure (17%), diversification from traditional assets (14%), and speed of crypto transactions (12%).
A separate survey carried out by France’s financial regulator, Autorité des marchés financiers (AMF), found that more French people have invested in cryptocurrency than in stocks or exchange-traded funds (ETFs). The AMF survey, conducted in spring 2024 among over 1,000 French residents and released in November of the same year, found that 24% of respondents held at least one investment product. Half of these investors are considered “new,” having started investing since the onset of the pandemic in early 2020. The survey also revealed that 9.4% of the French population holds cryptocurrency, while smaller percentages own stocks (7.3%), bonds (5.4%), non-fungible tokens (NFTs) (2.8%), and ETFs (2.4%).
Princay, who founded the French Crypto-currency Club in 2017 and serves as president of Blockchain@HEC, has shared his insights on blockchain and crypto at various forums, including a TED talk. According to Proof of Talks, Princay is a “pioneer in the blockchain and cryptocurrency industry.”
