Although cryptocurrencies have existed for more than a decade in France and in the global landscape in general, there still seems to be great mistrust from the masses. Therefore, crypto enthusiasts do not enjoy the favor of the general public. This theory is confirmed by the study conducted by Adan, the Association of Digital Assets and Blockchain Technology Professionals in France, in collaboration with the consulting firm KPMG. Published in February 2022, the results of this survey tell us about the foundations of this hostility.
According to this report, 77% of French people have already heard of cryptocurrencies or NFTs. That said, 63% of them are still hostile to them, while the remaining 8% have already adopted them. We also note that this minority is the subject of a certain number of criticisms, for several reasons.
Crypto is easy money
First of all, the French generally give crypto followers a sulphurous image. Indeed, the latter are decried as lovers of easy money, ready to do anything to satisfy their greed. In reality, if for some profit is the primary motivation, for the vast majority, other factors are taken into account. Among them: the lack of trust in banks (12%), the desire to keep transactions confidential (10%), or the ideological choice (7%). Additionally, 58% of crypto investors hold digital assets to hedge against inflation.
That said, the recent collapse of the cryptocurrency market has reinforced the fears of the French. It must be recognized that, from a certain point of view, the volatility that characterizes digital assets is a barrier to their adoption. Especially since the risk of loss is high. However, this is only true if we consider that we are limited to a speculative approach. And in this case, you should in all honesty be prepared to lose as much as you expect to gain.
Crypto is for criminals
The theory that cryptocurrencies are used to facilitate terrorist financing and money laundering remains. And besides that, cases of scams are more and more frequent. All of this contributes to tarnishing the image of the holders of cryptoassets. That said, Chainalysis has demonstrated, through a report published in January 2022, the residual proportion represented by transactions deemed illicit in cryptocurrency operations. Additionally, scams involving cryptocurrencies are not specific to cryptos themselves. Rather, they depend on the ability and even the will to be well informed before committing to any project.
Crypto is a cult
The actors of the ecosystem strive to popularize this technology as much as possible and to make it known to as many people as possible. This is often seen by extremists as a cult maneuver to recruit new members.
However, most of these criticisms are attributable to a lack of knowledge of the field, which is partly explained by its complexity. Thus, the defenders of cryptocurrencies denounce the preponderance of disinformation and call for a more didactic media treatment in order to sensitize the public to the real issues.
Cryptocurrencies are becoming more and more popular. This is explained by the confidentiality they offer, but also by their independence vis-à-vis centralized bodies. At the same time, cryptomania seems to maintain its fervor. Cryptoassets have become an essential subject of public debate, where everyone has their say. However, the opacity that surrounds the ecosystem does not favor their adoption.
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