Things could get very interesting during the upcoming elections in France. A new poll, released by local newspaper Le Figaro, shows a large number of French citizens are turning their back on the Euro. Not entirely surprising, considering the Euro has done very little to attain or improve consumer purchasing power. The same poll also indicated Marine Le Pen is the prime candidate to become the next French President, which would not bode well for bitcoin.
Bitcoin, The Euro, and France
It is evident France will be going through some turbulent months throughout 2017. The poll published by Le Figaro points out some intriguing trains of thought, none of which bode all that well for the local economy. Considering how nearly one in three French citizens feels opening their economy to foreign companies is a threat, it is evident something will need to change sooner rather than later.
Additionally, nearly two-thirds of the population feels France is going through an economic decline. Once again, that is not entirely surprising, as the world is still recovering from the 2008 financial crisis. Coupled with the introduction of the Euro over a decade ago, things have not necessarily improved for the better in Western Europe. As more people feel the country goes through an economic decline, the chance for far-right presidential candidates winning the election only grows stronger.
Protecting France against globalization is the primary agenda point for the far-right political party. Marine Le Pen, who is one of the presidential hopefuls, continues to gain support all over the country with her harsh language and bold claims. It is not hard to see she has taken some ideas from Donald Trump’s campaign, although it remains to be seen if that will help her gain more votes in the process. Isolating a country from the global economy is not the worst idea in the world, but it does create an uneasy situation.
One thing to keep in mind is how all of this may not necessarily benefit bitcoin in France. Le Pen is known to have an aggressive stance towards the use of virtual currencies and bitcoin, even though outlawing the popular cryptocurrency would be a huge mistake. At the same time, a country that is growing tired of the Euro creates opportunities for alternative financial solutions.An interesting future lies ahead for France and bitcoin, that much is certain.
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