Cryptocurrencies are expected to take up more and more space in our daily lives. However, the French are far from jumping on digital currencies.
A certain misunderstanding about the blockchain
The hesitation of the French population regarding the use of cryptocurrencies is justified by several factors. Unsurprisingly, the former lies in the misunderstanding of the blockchain system and its interests: what are cryptocurrencies really used for and how do they work?
Research firm Iligo recently surveyed a sample of the population to establish a barometer for multiscreen use. While focused on the metaverse, the survey revealed that most French people still view the industry as mere entertainment.
The French largely project themselves into the Metaverse, seeing it more as a leisure and entertainment aspect: watching a movie (74%), going to an exhibition (65%), attending a concert (64%) or even visiting a country (62 %) are the most popular activities. The educational and professional aspect with courses, conferences and training is also a possible dimension for 7 out of 10 French people. On the other hand, the dimension of financial gain through investment and the acquisition of real estate and cryptocurrencies is more polarizing and not conceivable by a majority.
Excerpt from the study of Iligo
Similarly, 59% of French respondents believe that the metaverse can be very useful for shopping. However, unlike brands who see it as an economic interest and who think that virtual purchases can make up a significant part of their sales, the population does not view the metaverse and crypto market as a viable economy. In addition, although 77% of respondents expressed a desire to visit the metaverse, 62% of them continue to view the metaverse as uninteresting.
For now, the industry does not seem to have enough presence to force them to rethink their consumption habits or to encourage them to use cryptocurrencies as a new means of payment. A phenomenon also explained by a lack of education and understanding, as most French people do not understand the need to create a parallel economy that we already have and do not know how crypto could be more reliable than the traditional system. Likewise, some people don’t trust technology or are too detached from it to want to discover new ways of doing things.
Cryptocurrencies: Source of a Generational Conflict
As the current economic system is still controlled by older generations and most of the population feels overwhelmed by new technologies, the use of cryptocurrencies therefore remains marginal worldwide. The generation of 18-34 year olds continues to be more likely to turn to virtual currencies and the metaverse.
For 75% of them, the metaverse and virtual worlds are primarily a place to meet new people without health restrictions, so it’s a way of interacting differently. However, these 18-34 year olds are the ones most voicing concerns about a potential lack of security with regard to personal data.
Excerpt from the study of Iligo
Raised with new technologies and educated as a result, 18-34 year olds see the transition to the virtual as something natural. Nevertheless, for 75% of them, the cryptosphere is still regarded as entertainment and less as a way to make money. The industry is therefore distinguished by its social aspect and is far from being regarded as a long-term investment.
The French are still afraid of technology
While social networks have completely transformed the ways of interacting, giving priority to the virtual over the real to the chagrin of older generations, the French interviewed by Iligo all expressed a certain fear of the metaverse. The use of Facebook is constantly questioned and Twitter is in the hot seat of free speech, but fears that the metaverse will become a new social network remain.
If integrating a virtual world is not a problem, it is the excesses that result from it that block majority acceptance.
The French are 62% to understand the emergence of these new virtual worlds and a third believe they will have a negative impact on society. This negative feeling is mainly related to this insecurity of data, but also to this perception of threats and dangers that these virtual worlds can generate (especially cyberbullying and addictions).
Excerpt from the study of Iligo
The metaverse has not escaped the wave of cryptocurrency scams. Sadly, widely publicized fraud and misconceptions, the French seem to see more of the “dangerous” side of the crypto sphere than the positive it could bring to a world already exhausted by its economy.
There are solutions to bring the French closer to cryptocurrencies
However, all is not lost. Far from completely turning away from cryptocurrencies, the French are willing to invest in them under certain conditions. According to a study conducted by Sia Partners and Finance Innovation, the crypto sphere could find its noble letters in the land of human rights through education. For example, 43% of respondents said they could invest in the industry if they knew more about it.
The education of the population would make it possible to respond to all the problems raised by the Iligo study. By explaining how the blockchain, wallets and transfers work, among other things, the French were able to see that the industry is much more than just entertainment, although its reputation is constantly being tarnished by speculation stories. We should then mention the existence of stablecoins, although the arrival of a digital euro could potentially open up new horizons.
However, the greatest task lies in the education of older generations, which would require practical work. Nevertheless, a crypto module could easily be integrated into the fight for digital inclusion. Currently dedicated to the elderly, it could open up to a wider audience, with whom we would take the opportunity to talk about the security of the metaverse and cryptocurrency, while learning the right gestures that will allow everyone to take advantage of the industry with peace of mind.
Finally, according to the study conducted by Sia Partners and Finance Innovation, 23% of respondents could invest in crypto if their bank offered it to them. Since these are seen as a guarantee of trust (digital currencies are therefore no longer seen as a shadow asset), the opening of crypto services would allow customers to invest and store more easily without having to use third-party sites. It is therefore also the impression that you do not know where to start or which reliable company to turn to, which keeps the French away from the industry for the time being.
From a more pessimistic point of view, the French may have to turn to cryptocurrencies in the event of force majeure such as war or an economic crisis, as some have done in Ukraine. Finally, it seems that the concerns of the population are completely different from those of the government and the financial world, although it is the latter that provokes the most hesitation through the media. The democratization of the industry will therefore not take place without the latter, who still enjoy the support of the majority, but by contacting the French we could encourage them to form their own opinion and experiment without fear with the metaverse and digital currencies.
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