2024-04-06 14:56:57
Driven by bitcoin prices, one of the main cryptocurrency platforms in France has recorded a peak in activity in recent weeks. The Financial Markets Authority (AMF) notes that new investors are younger and warns against these very risky investments.
Published on: 06/04/2024 – 16:56
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The premises are located in the heart of a chic district of the capital, between luxury boutiques and major Parisian hotels. In the offices of Coinhouse, one of the main platforms of cryptocurrencies in France, a handful of employees, installed in small confidentiality boxes – a sort of closed telephone booth – handled the numerous calls this Friday, March 15.
At the other end of the line, a business manager is asking for help after mistakenly purchasing 30,000 euros of bitcoin, another, whose identity documents are incomplete, is trying to open an account. “ These are people who have questions about what is happening in the market or who want to invest, explains Fédya Abdelhamid, head of “lead customer success” at Coinhouse. Over the last two weeks, we have reached a peak in terms of activity. We have recorded more than 150 [emails et chats] and around a hundred calls per day. »
The cryptocurrency market is regaining color
After a period of strong turbulence marked by the collapse of the FTX platform in October 2022 – its CEO, ex-cryptocurrency tycoon Sam Bankman-Fried was sentenced on March 28 to 25 years in prison for embezzling several billion dollars of client deposits – the cryptocurrency market, renowned for its extreme volatility, seems to be recovering. On March 13, the queen of digital currencies, bitcoin, broke records by reaching $73,000 – it has since fallen back to around $68,000.
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« It’s quite symbolic to have a bitcoin cross the $70,000 mark, remarks Nicolas Louvet, CEO of Coinhouse. There is enthusiasm both because prices have risen, but also because we are witnessing a “institutionalization” of the “cryptos”. In January, you had a pretty incredible announcement in the United States with the approval of what we call ETFs, which is the ability to actually buy bitcoin from an institutional player. This gives the sector additional credibility. »
Personalized support for “premium” customers
« In March, we achieved the equivalent of six months of 2023 turnover », rejoices Nicolas Louvet, whose company says it is remunerated, in part, on a percentage – between 0.5% and 2% – taken from each movement made on the platform, whether it is a conversion of cryptocurrencies or purchase or sale in euros.
The platform claims 90% of so-called “classic” customers. “ These are individuals, a bit like Mr. and Mrs. Everyman, ready to invest between 3,000 and 5,000 euros », explains Nicolas Louvet. The remaining 10% is made up of much wealthier businesses and individuals. “ For these clients, the minimum investment is 20,000 or 30,000 euros, but it can go up to a million euros or more. These clients are liberal professions, business leaders, lawyers, athletes, artists who generally already have assets, life insurance or invest in the stock market. “. Their “premium” status allows them to benefit from personalized support.
22% of new investors are between 18 and 24 years old
« 9% of French people say they have invested in cryptocurrencies », explains Claire Castanet, director of relations with savers and their protection at the Financial Markets Authority (AMF) which published, in November 2023, a study on new investors carried out with the Organization for Economic Development Cooperation ( OECD) and the support of the European Commission.
« New investors are younger – 22% are between 18 and 24 years old – they want to make money quickly, but at the same time they say that they are attached to low-risk investments. Our barometer also shows that they are very connected, and get information everywhere: from their circle of friends, on social networks and via influencers. »
Between 70 to 90% losers
The AMF, the financial policeman in France, is also warning of the explosion of online scams linked to investments in cryptocurrencies. In 2023, the OmegaPro platform, which promised “ up to 300% returns », in exchange for investments in cryptocurrencies, caused hundreds of French victims, after the site registered in Saint Vincent and the Grenadines disappeared. The damage is estimated at several hundred million euros.
« Cryptocurrencies represent one of the leading sources of online fraud, notes Claire Castanet. Victims who contact us lost an average of 31,000 euros last year “. To avoid unpleasant surprises, the AMF encourages investors to refer to its “white list” which centralizes around a hundred companies, registered Psan (digital asset service providers).
But be careful, warns Claire Castanet: “CInvestments in cryptoassets remain very risky. Platforms authorized for derivative products, whether cryptocurrencies or Forex [marché des changes sur lequel les devises sont échangées, NDLR], are required to indicate on their website the percentage of losing customers over the past year. We notice that between 70 and 90% of investors lose. »
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