- French President Emmanuel Macron has increased the retirement age in France from 62 to 64.
- Thousands of citizens, led by workers’ unions, have taken to the streets in protest.
- Bitcoin (BTC) fans now use this opportunity to make a case for crypto investment.
YEREVAN (CoinChapter.com) — Citizens are up in arms in France over President Emmanuel Macron’s plans to increase the retirement age in the country.
Amid the violent protests led by workers’ unions, some Bitcoin (BTC) maximalists and enthusiasts are using the opportunity to make another case for the cryptocurrency sector. According to them, French citizens should adopt BTC as their main retirement plan.
Bringing cryptocurrencies to retirement plans is not new. For example, Fidelity Investments and ForUsAll, two firms administering workplace retirement plans, offer cryptocurrency, such as Bitcoin, to 401(k) investors in the United States.
According to the 2022 Investopedia Financial Literacy Survey, about one-third of young investors (age 55 or below) expect to use cryptocurrency as financial support after retirement.
What is Macron’s Pension bill?
In detail, Macron announced in January 2023 that he would raise the retirement age of most workers from 62 to 64. Thousands of workers took to the streets against the move. Many unions, including teachers, garbage collectors, and public transport workers, went on strike.
The French Parliament seemed to side with the protestors. When it became evident earlier this month that the lawmakers would not support President Macron in passing the law, he did something that would infuriate everyone even more.
He invoked article 49.3 of the French constitution, which allows the Government to bypass Parliament in enforcing a law. The bold move intensified the calls for his resignation. The Parliament even initiated a vote of no confidence against the Government, but it failed to pass.
Workers’ unions alleged that the move disproportionately affects marginalized workers, especially women. In addition, rich corporations have benefited from Macron’s policies.
The economics behind Macron’s move that made France protest
President Macron has given an economic justification for his move. Thanks to France’s demographic changes, more older people are getting pensions from the Government. In contrast, fewer young people contribute to the exchange to fund these payments.
“Is it a pleasure to do this reform? Could I have swept it under the carpet as others have done before me? This reform is not a luxury or a pleasure, it is necessary for the country,”
he said in the TV interview.
In Macron’s defense, France has one of the lowest retirement ages in the continent.
Notwithstanding his justifications, the French President’s popularity has taken a hit. According to a recent survey conducted by the Institut français opinion publique (IFOP), an international polling and market research firm, his rating has dropped by 8% since December 2022.
As the survey suggests, 70% of the people surveyed were unhappy with Macron’s policy. Less than 30% of the people said they were satisfied with the Government.
However, Macron has announced that he will not roll back his plan to raise the French pension age.
Should the French move their retirement pension plan to Bitcoin (BTC)?
As soon as news of the protests began circulating, many cryptocurrency enthusiasts began giving unsolicited advice to the French. According to many, those protesting could solve their problem by simply shifting to Bitcoin when planning their retirement.
“Attention France. Raising the retirement age to 64 does not need to be permanent. Simply move your entire pension fund to Bitcoin and within the next 5 years, you will be able to successfully retire your population at 62 once again,”
self-styled crypto analyst and entrepreneur Del Crxpto wrote.
Others pointed out that the current low price of Bitcoin provides the perfect opportunity for the French to jump on the crypto bandwagon. If they invest now, the BTC gang believes, these protesting workers can still retire at 62.
While Bitcoin and the wider cryptocurrencies have proven their merit, uncalculated investments can backfire.
To begin with, half of those protesting don’t have many years left in service to make long plans with crypto. So to expect that citizens on the verge of retirement will start a new pension plan is delusional. Even more delusional is that some think they would do it in BTC.
Moreover, cryptocurrencies are very volatile. In 2022, Bitcoin lost nearly 65% of its value. To argue that people should suddenly shift their entire retirement plan to such volatile assets is not wise either.
However, some French people may have considered the option. According to Google Trends data, searches for terms like Bitcoin and crypto have increased in the country. This suggests that some citizens are looking for alternatives.
With the French population already impacted by inflation, high cost of living, and unemployment, the last thing they need is to invest in unstable assets.
The post Why is Bitcoin Trending Amid Violent Protests in France? appeared first on CoinChapter.