- French cryptocurrency ownership is higher than French stock or ETF ownership.
- Binance CEO noted the disparity in ETF appeal in French men compared to Americans.
- Some argue Americans are crazy about ETFs because of their potential influence on crypto prices.
It has been revealed that the surge in crypto interest has infused a “You Only Live Once” (YOLO) spirit into the French investment landscape. A recent study examining the investment attitudes of the French population reveals that almost 25% possess some form of investment.
Notably, a higher percentage of French individuals own cryptocurrencies, unlike those holding stocks or exchange-traded funds (ETF). In particular, the data noted that, of the surveyed French investors, 9.4% hold crypto compared to 7.3% in stocks and 2.4% in ETFs.
This figure implies they hold crypto at least 4.5 times more than they do for ETFs. This lower interest in ETFs observed among French investors has sparked contrasting debates about ETF appeal with Americans. One of the leading commenters was Changpeng Zhao, the CEO of the largest crypto exchange, Binance.
Zhao remarked: “I guess ETF is a big deal in the US, but not elsewhere.”
Notably, Zhao’s comment was built on the heightened fever about the coming Bitcoin spot ETF in the United States. Some crypto enthusiasts provided context for why a Bitcoin ETF may be a big deal for Americans, unlike other jurisdictions.
They argue trillions of dollars are locked up with U.S. institutions. Therefore, proponents believe an ETF is a suitable channel for a fraction of these substantial funds to enter the crypto market, potentially positively influencing Bitcoin and the broader crypto market.
It is worth mentioning that US-based financial behemoths, including BlackRock and Fidelity, have pending applications for Bitcoin ETF. Last month, a false report about the approval of Bitcoin ETF instantly sent BTC into $30k from the $26k region, which had lingered for multiple weeks. More recently, BlackRock’s application for an ETF based on the second largest crypto, Ethereum (ETH), shot up ETH’s price above $2,100.
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