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Summary of our market study
The global crypto-currency market has seen continued growth, with its value reaching $4.67 billion in 2022, with a compound annual growth rate of 12.5% forecast to 2030. Bitcoin remained in the lead, with a market capitalization of over 785 billion euros.
China has almost entirely ceased mining crypto-currencies. The USA is the largest bitcoin-mining nation, with a 37.4% share of activity in January 2022.
In France, the industry is moving towards environmentally-friendly practices, with bitcoin mining in France using 60% renewable energy by 2022.
Crypto-currencies and an important role in modern digital finance.
The rise of crypto-currency adoption in France
Around 9-10% of French citizens are crypto-currency holders, a significant leap from the modest 3% reported in 2020.
French players in the sector, from start-ups to mature unicorns like Ledger and Sorare, contribute to a dynamic ecosystem that is both innovative and valued. Collectively, these companies employ over a thousand people and have raised over €1.2 billion in capital.
Employment in the sector is expected to double between 2022 and 2023.
On the regulatory front, France has set clear rules for crypto-currency transactions and investments. With initiatives such as the PACTE law, the government aims to strike a harmonious balance between promoting innovation and providing a secure framework for users.
The sale of crypto-currencies by individuals is subject to a flat-rate withholding tax of 30% if total sales exceed 305 euros. Proceeds from mining activities are considered non-commercial profits and are taxed accordingly.
With a market comprising over 10,000 crypto-currencies, global market capitalization reached a staggering $4.67 billion in 2022, with Bitcoin taking the cake with over 36% of the market.
The fluctuations in the value of these digital currencies are considerable.
Pioneering platforms and innovators in the crypto-currency landscape
- Binance: crypto-currency exchange platforms.
- Coinbase: Founded in 2012 and renowned for its user-friendly interface, perfect for novice traders.
- Kraken: Kraken, launched by Jesse Powell in 2011, is renowned for its security and multi-faceted trading features and is aimed at more experienced traders.
- Bitfinex- Conçu: Hong Kong-based Bitfinex was launched in 2012, targeting experienced traders with its deep liquidity pools and complex trading instruments.
- Huobi: Huobi Global is making its mark in the field of virtual asset exchange, offering a wide range of crypto-currencies to trade. Founded in 2013 and operating from the Seychelles, the platform is suitable for intermediate and advanced traders.
- Bittrex - Security first in crypto is their first line of business.
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Summary and extracts
1 Market overview
1.1 Market definition and scope
Cryptocurrencies are cryptographically-secured digital currencies that operate on a distributed ledger technology called blockchain. They enable peer-to-peer transactions without the intermediation of banks or governments.
Globally, the market is booming, almost doubling between 2023 and 2024 from $1.27 trillion to $2.33 trillion. This market is completely dominated by the leading cryptocurrency, Bitcoin, which accounts for more than half the market size. To get an idea of Bitcoin's dominance, the sum of the 4 largest crypto market capitalizations after Btc (Ethereum, Tether, Bnb, Solana) doesn't even reach half of Bitcoin's capitalization.
With a dynamic and flourishing crypto scene, France has positioned itself as a leading player in the global market for digital assets. From the earliest days of Bitcoin andEthereum, French entrepreneurs, investors and regulators have scrutinized with interest the revolutionary potential of this new asset class. The French industrial fabric has thus emerged as a prolific ecosystem of startups and well-established companies, some of which have achieved unicorn status, such as Ledger and Sorare, valued at several billion euros, testifying to the maturity and innovation of the sector.
This interest in virtual currencies is not confined to business circles alone; it's also spreading to the general public, with 1 in 8 French people owning cryptocurrencies in 2024 (+25% on 2023). Cryptocurrencies have aroused growing curiosity among the French, with adoption extending beyond simple investments to embrace everyday payments and exchanges. The government's commitment to a clear regulatory framework has encouraged this adoption, seeking to balance innovation and security for users.legislative initiatives, such as the PACTE Law, demonstrate France's commitment to creating an environment conducive to cryptocurrency development and innovation, while ensuring investor protection and the fight against money laundering.
After a slight dip in 2023, companies expect to revive their hiring in 2024, buoyed by a rebound in demand in the sector. Although the Web3 market in France recorded an 11% reduction in headcount compared to 2022 after four years of rapid growth, 85.7% of companies are optimistic and anticipate a pick-up in recruitment for 2024, driven by the growing adoption of decentralized technologies and renewed confidence.
1.2 The global cryptocurrency market dominated by Bitcoin
Global cryptocurrency market capitalization World, ****, in billions of dollars Source: ****
The global cryptocurrency market is exploding in October ****. Today, October *, **** more than ***,*** people hold more than $* million in cryptos, **% more than last year. Bitcoin millionaires, in particular, have literally doubled to **,*** individuals (***).
The crypto ultra-rich, the so-called centi-millionaires (***), have also risen ...
1.3 A growing French cryptocurrency market
According to a study by Ipsos and KPMG for the Association for the Development of Digital Assets (***), despite a slight slowdown and major collapses such as that of crypto Terra in May and the FTX platform in November, interest in cryptocurrencies in France continues to grow. Data shows that **% of French ...
1.4 Bitcoin: an asset to have in your wallet
Bitcoin is distinguished from other financial assets by its decentralized nature and its unique role as a diversification instrument. This special status is based on several structural features that fundamentally differentiate it from traditional assets.
Firstly, the total quantity of Bitcoin in circulation is limited to ** million units, creating a scarcity ...
1.5 An imminent "Bull run"?
At the time of writing: October *, ****, the prospects of a potential bull run in the cryptocurrency market are emerging through a convergence of macroeconomic, geopolitical, and financial factors. The US Federal Reserve's interest rate cuts, Donald Trump's pro-crypto strategies, China's monetary policy reformand the growing involvement of investment funds such as ...
2 Demand analysis
2.1 French interest in cryptocurrencies
In ****, despite a tense economic environment in France (***), awareness of crypto-assets remained solid.
While these conditions could have diverted investors' attention and influenced perceptions of new technologies, this was not the case for cryptos. After a sharp rise in **** (+* % points for cryptos, awareness of crypto-assets has stabilized: **% of French people have ...
2.2 The typical profile of cryptocurrency holders
We can see that men are more represented than women among those who have invested, and even among those who are considering investing.
Breakdown of investors and interested parties by gender France, ****, % of total Source: ****
The adoption of crypto-assets in France reveals a significant inclination towards younger people: **% of cryptocurrency holders ...
2.3 How the French invest
We're seeing a degree of caution among French investors with regard to cryptocurrencies. Indeed, the volumes and proportions reserved for these investments remain low.
Breakdown of investors according to the proportion of their investment portfolio dedicated to cryptocurrencies France, ****, in Source: ****
In fact, an overwhelming majority of investors (***) invest less than ...
2.4 Investment strategies and preferred platforms
The financial interest in acquiring crypto-assets is clearly established, reinforcing the idea that the purchase of crypto-assets is primarily motivated by investment objectives rather than ideological convictions or a need for immediate use, a situation often observed in crisis economies or countries in conflict.among crypto-asset holders, investment is primarily motivated ...
3 Market structure
3.1 Explanatory diagram of cryptocurrency transactions
To explain how a transaction involving cryptocurrencies works, let's take Bitcoin as an example.
Source: ****
The cryptocurrency market is driven by several types of key players:
end users: they carry out transactions, buying or selling, and store their cryptocurrencies in wallets, which can be digital (***) ; miners: these players support the network ...
3.2 Crypto-asset mining
Crypto-asset mining is the process by which transactions are verified and added to the blockchain by solving complex cryptographic problems using specialized hardware. This activity, which is often rewarded by the creation of new units of mined currency, relies on a mechanism known as proof of work.miners, in competition with ...
3.3 Other players in the cryptocurrency industry
Leading cryptocurrency exchange platforms offer buying, selling and trading services for a variety of digital currencies. Here are some of the most widely recognized:
Binance :
Binance, founded in **** by Changpeng Zhao, is one of the world's largest cryptocurrency exchange platforms. It boasts a wide selection of cryptocurrencies, competitive transaction fees, and ...
3.4 Cryptocurrency wallet providers
Cryptocurrency wallet providers play a crucial role in the digital asset ecosystem. They offer secure storage solutions for cryptocurrencies, enabling users to manage and secure their private keys, which are essential for accessing and transacting with their digital assets. These wallets can take different forms:
software wallets: they can be cloud-based, ...
3.5 Who owns Bitcoin?
Today, the total market capitalization of Bitcoins in circulation is around **.** million BTC, or almost **% of the planned total supply of ** million BTC. This means that there are still around *.** million Bitcoins to be mined before the maximum ceiling is reached.this programmed scarcity and the gradual reduction in new Bitcoins ...
3.6 A fragmented and competitive sector
Size of Web * companies France, ****, in Source: ****
The KPMG and IPSOS report points out that, despite this predominance of small structures, **% of Web* companies in France are already offering their services internationally, demonstrating a surprising capacity for global deployment. This is because digital technologies and the cross-border nature of blockchains enable ...
4 Offer analysis
4.1 Cryptocurrencies at all prices
Numerous platforms inform us about the prices and variations of the various cryptocurrencies. For this section, the date is October **, ****
We can see that the different cryptocurrencies have very different prices, with Bitcoin having a price of over $**,***, while a Doge is worth $*.*. Prices also vary between different exchange platforms.
On ...
4.2 Cryptocurrencies subject to wide fluctuations
The prices of the most popular cryptocurrencies fluctuate enormously, and their trends vary greatly depending on the crypto-asset. In this section, we've grouped together the prices of the three most popular cryptocurrencies: Bitcoin,Ethereum and Tether.
Bitcoin price:
Bitcoin price World, **-**** - **-****, in $ thousands Source: ****
As far as Bitcoin ...
4.3 Cryptocurrency wallet offerings
Cryptocurrency wallet platform prices vary depending on the type of wallet you choose. In general, there are two main categories of wallets: software (***) wallets . Here's a general overview of the costs associated with each:
Software (***) portfolios:
Most software portfolios are free. They can take the form of mobile applications, desktop programs ...
5 Regulations
5.1 Taxation rules
Taxation of capital gains on the sale of cryptocurrencies
When it comes to the taxation of cryptocurrencies in France, the rules are distinct depending on the frequency of transactions. If sales of cryptocurrencies such as Bitcoin are commonplace, they are taxed as industrial and commercial profits (***).
According to Article *** VH bis ...
5.2 Macroeconomic regulations
European Union MiCA Regulation: (***)
MiCA Regulation (***), and incorporates measures against money laundering by requiring identity checks and the reporting of suspicious transactions. [***]
Blocking a central bank currency: (***)
The Central Bank Digital Currency (***) ban in the U.S., passed by the House of Representatives, is designed to prevent the Federal Reserve fromissuing ...
6 Positioning the players
6. Segmentation
- Revolut
- Exodus Wallet
- MetaMask
- Ledger
- Trezor
- N26
- Fortuneo
- Hello Bank !
- Bforbank
- Lydia
- Binance
- Coinbase
- Kraken
- eToro
- Flowdesk
List of charts presented in this market study
- Share of a country's population that owns cryptocurrencies
- Gender of the cryptocurrency owner
- Age range of crypto user
- Global cryptocurrency market capitalization
- Market share of various cryptocurrencies
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Latest news
eToro puts the brakes on crypto trading in the US - 13/09/2024
- - eToro has agreed to cease trading in all cryptocurrencies except bitcoin, bitcoin cash and ether, under pressure from the SEC.
- - The SEC settled with eToro USA for $1.5 million, for unregistered brokerage operations and clearing agency.
- - Cryptocurrency assets under management by eToro totaled $5 billion, an amount equivalent to that of equities.
- - eToro has 38 million users in over 75 countries.
- - eToro has been registered in France as a digital asset service provider (DASP) since 2022.
- - In July, eToro was fined $1.3 million by the Italian competition authorities for a "zero commission" trading offer deemed misleading.
"BNP Paribas' Hello Bank nears one million customers" - 03/07/2024
- Revolut : Over 3 million customers in France
- Hello Bank (BNP Paribas online bank):
- - Over 950,000 customers in France
- - Presence in Germany and Belgium, with a total of 3.4 million customers
- - Benefited from a transfer of customers following the closure of Orange Bank
- . Orange Bank - Has announced its closure.
- - 800,000 customers at the time of the announcement, of whom 500,000 seem eligible for a transfer to Hello Bank
- BoursoBank (Société Générale subsidiary):
- - Has benefited from the agreement with ING, which has left the French market, resulting in the acquisition of at least 315,000 new customers
- - Exceeded the 6-million-customer threshold after the operation
- The major online banks have seen their customer base grow by an average of 5.7% a year over the past three years.
Revolut exceeds 2 billion euros in revenues - 03/07/2024
- In 2023: revenues almost doubled to £1.8 billion (approx. €2.1 billion).
- Profits have risen to £344 million (approx. €395 million), compared with around £6 million in 2022.
- By the end of 2023, Revolut has 45 million customers worldwide, with an increase of 12 million new customers joining the neobank in 2023.
- Number of customers in France: over 3 million.
- Revolut is aiming for 50 million customers by the end of the year.
- Number of employees: over 10,000.
Revolut targets a $40 billion valuation - 24/06/2024
- - Target valuation: Over $40 billion.
- - Revolut creation date: 2015.
- - Number of Revolut customers: Approximately 40 million.
- - Number of Revolut employees: More than 9,000.
- - Customer target in France: 20 million customers.
- - Of its 40 million customers worldwide, a third come from the UK.
- - Revenues in 2022: £922.5 million (+45%)
- - Net profit in 2022: £5.8 million. - Revenue forecast**: £1.7 billion
With its Stax, French unicorn Ledger takes inspiration from Apple to democratize cryptoasset adoption - 28/05/2024
- Ledger has previously sold over 6 million units of its first consumer products, the Nano and Nano X.
- Ledger is targeting $1 billion in revenues by 2025.
- The company claims to secure 20% of the world's digital assets today, and aims to triple its market.
Lydia invests 100 million euros to become a bank - 15/05/2024
- **Customer target:** 5 million customers in France within three years.
- **Recruiting:** around 400 new employees, almost doubling the current workforce of 250.
- **Since its creation in 2011, Lydia has raised around 235 million euros.
- **Number of current banking customers:** around 2 million, out of a total of 7 million users.
- **Express consumer credit in partnership with Floa (subsidiary of BNP Paribas).
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