French Teenagers Turning to Crypto Investment – Report

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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March 11, 2024 10:55 EDT

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French teenagers are more likely to invest in crypto than older citizens in the country, a report has claimed.

Franceinfo reported that 15% of French people aged 18-24 years have already taken the crypto plunge.

This is much higher than the national average, the outlet claimed. Franceinfo wrote that 9% of French citizens are thought to have bought crypto at some point in their lives.

French Teenagers: Under-18s Also Buying Crypto?

The media outlet added that “although” crypto platforms are “prohibited for minors,” in France, coins “are enjoying growing success among adolescents and young adults.”

But this “doesn’t stop some teenagers” from “getting started” with crypto trading, the outlet explained.

An unnamed “17-year-old high school student” said that he was “very discreet” when trading coins.

The outlet also quoted a young man named Mathias Vallet as claiming he “started” trading crypto “at 19.”

Vallet said that the “adrenaline” draw and the hope of securing major profits had spurred him to make several forays into the crypto market.

Vallet explained that his gains on the markets had helped him “finance” his university “studies,” and said:

“As soon as we see rising price charges, there is a lot of adrenaline. But we always try our hardest to eliminate emotion. We want to make reasonable decisions to let our assets grow in value.”

Scammers Also Riding Crypto Wave?

And French teenagers are not the only people in the country taking to crypto. Scammers also appear keen to tap into rising French crypto fever as BTC prices rise.

On March 7, the national broadcaster TF1 reported that “several hundred people” had filed complaints in Paris against the managers of a now-defunct cryptoasset investment platform named OmegaPro.

On X (Twitter), the TV presenter Élise Lucet distanced herself from several crypto scams that made use of her image.

She wrote that she had “nothing to do with” a series of “false press articles” created in order to “promote cryptocurrency platforms.”

The TV presenter shared a series of screenshots of fake Le Monde news stories about her that had been posted on social media channels.

Attention arnaque: une campagne coordonnée de posts malveillants utilise mon image pour véhiculer des contenus complètement faux. Certains d’entre eux renvoient vers des sites frauduleux faisant notamment la promotion de sites de cryptomonnaies. Évidemment, je n’y suis pour rien. pic.twitter.com/6fRava6iCx

— Elise Lucet (@EliseLucet) March 6, 2024

Most of the stories contained bogus interviews with the star, where she “revealed” the “secrets of her wealth.” Lucet wrote:

“Beware of scams! A coordinated campaign of malicious posts is using my image to convey complete falsities. Some of them link to fraudulent sites that promote cryptocurrency sites. Obviously, I have nothing to do with these.”