INVEST

Should we invest in these new currencies?
What might deter investors is the diverse and varied legal frameworks surrounding these currencies. They are beginning to gain recognition within the financial world, their values ​​have multiplied in recent years, and they now offer genuine, more tangible benefits. In short, these currencies are not just a passing fad or a bubble about to burst. Let’s delve deeper into this issue.

Recognition by States
Many countries now recognize the ownership and use of cryptocurrencies, while regulating their taxation and exchange platforms. In most countries, capital gains on crypto-assets are taxable, and regulations now aim to protect investors while fostering financial innovation.

Japan remains one of the most advanced countries in the integration of crypto-assets. Bitcoin has been recognized as legal tender there since 2017, and the regulatory framework has since been strengthened. Exchange platforms must be registered with the Financial Services Agency (FSA) and comply with strict transparency and anti-money laundering requirements. Although Bitcoin’s use in commerce remains limited, Japan actively supports the development of blockchain technology and is exploring the implementation of a digital yen.

Russia, once hostile to cryptocurrencies, partially legalized their ownership in 2021, while prohibiting their use as a means of payment. The project for a crypto-ruble, a national digital currency, remains under development. In 2024, the Russian Central Bank intensified its testing of the digital ruble, intended to coexist with traditional fiat currency.

The United States is one of the world’s leading markets for Bitcoin and digital assets. The IRS still considers cryptocurrencies as intangible assets subject to capital gains tax. Authorities, including the SEC and the CFTC, are seeking to unify regulations in the sector. As of 2025, the debate remains intense regarding the legal classification of tokens and the potential creation of a digital dollar, currently under consideration by the Federal Reserve.

China banned ICOs and mining as early as 2021, but it pioneered the launch of a sovereign digital currency, the e-yuan. The e-yuan is now widely deployed in several major cities and integrated into payment applications like WeChat Pay and Alipay. Private cryptocurrencies remain illegal there, but China dominates the development of state-controlled blockchain technologies.

Australia recognizes Bitcoin and crypto-assets as legal tender and treats them as taxable financial assets. The country has a clear and innovation-friendly regulatory framework. Many banks and fintech companies now offer services related to blockchain and digital assets.

Germany considers cryptocurrencies to be financial instruments subject to capital gains tax. Individuals benefit from a tax exemption if they hold their crypto assets for more than one year. Germany also actively supports projects related to decentralized finance (DeFi) and asset tokenization.

Switzerland is confirming its role as a European leader in crypto regulation. The city of Zug, nicknamed the “Crypto Valley,” continues to attract startups and blockchain companies. Several Swiss cantons now accept tax payments in Bitcoin or Ethereum, and FINMA (the Swiss Financial Market Supervisory Authority) is regulating ICOs and stablecoins with an approach that fosters innovation.

Estonia, a digital pioneer in Europe, long considered creating a national cryptocurrency, Estcoin, but this project was abandoned to avoid conflict with the Eurozone. The country has since focused on regulating exchange platforms and ensuring the security of blockchain services, in order to maintain its reputation as an exemplary digital state.

Recognition in finance
Since the late 2010s, cryptocurrencies have gradually established themselves in the traditional financial sphere. What was once perceived as a marginal or speculative market is now integrated into institutional investment strategies and market infrastructures.

The Chicago Mercantile Exchange (CME Group), the world’s leading derivatives exchange, launched its Bitcoin futures contracts in December 2017. Today, the CME has become the global benchmark for crypto-asset derivatives, including:

• futures and options on Bitcoin (BTC) and Ethereum (ETH),
• a benchmark index for Bitcoin (BRR) and Ether (ETHUSD_RR),
• and since 2023, micro futures contracts aimed at smaller investors.

These products are now being used by institutional funds, banks and asset managers to hedge their positions or gain indirect exposure to the crypto market, without holding the assets themselves.

Major global banks — Goldman Sachs, JPMorgan Chase, Morgan Stanley, Citi, Barclays, HSBC and BNP Paribas — now offer services related to crypto-assets:

• trading and structured products backed by Bitcoin or Ether,
• Custody solutions for institutional clients,
• access to crypto ETFs recently authorized in several jurisdictions.

Goldman Sachs, which had been considering a crypto team since 2017, now operates a “Digital Assets” division, offering investment products and blockchain analytics. JPMorgan has launched its own internal digital currency, the JPM Coin, used for interbank settlements between institutional clients.

The Utility Settlement Coin (USC) project, initiated in 2017 by several major international banks, has evolved into Fnality, a blockchain-based interbank payment network supported by more than fifteen major financial institutions (including UBS, Barclays, Santander, and State Street). This system aims to facilitate the instant settlement of transactions between banks using tokens backed by fiat currencies (dollar, euro, yen, etc.).

In parallel, several central banks have launched their own central bank digital currency (CBDC) projects:

• China with its e-yuan,
• the European Central Bank (ECB) with the digital euro project (pilot phase planned before 2027),
• and the US Federal Reserve, which is continuing its research on a digital dollar.

Traditional investment funds are now present in the crypto market.
Players like BlackRock, Fidelity, Ark Invest or Grayscale offer ETFs and listed funds invested directly in Bitcoin or Ether.
In 2024, the US SEC finally approved the first spot Bitcoin ETFs, marking a major step towards institutional recognition of these assets.

Historical asset management structures such as Rothschild Investment Corp also continue to expose a limited portion of their portfolios to crypto-assets, via regulated funds or derivatives.

By 2025, cryptocurrencies will no longer be a parallel market; they will be integrated into the global financial system.
Exchanges, banks, and asset managers will treat them as a fully-fledged asset class, on par with commodities or currencies.
The main issue is no longer the legitimacy of Bitcoin, but the balance between innovation, financial stability and regulatory framework.

A rapidly expanding market

The cryptocurrency market has grown significantly since 2017. By 2025, the overall market capitalization of the crypto market is estimated to be around $4 trillion. In the third quarter of 2025, the total market capitalization reached approximately $4 trillion, representing a 16.4% increase compared to the previous quarter. The average daily trading volume over 24 hours also increased significantly, reaching approximately $155 million.

The number of crypto users worldwide has grown significantly. There are projected to be between 510 and 659 million crypto holders by 2025. Regarding active adoption (on-chain transactions), it is estimated that 40 to 70 million users are “active” (regularly using the blockchain).

Bitcoin continues to hold a dominant position in the market, with a market share that has reached as high as 60% of the overall market. However, a significant market share remains available to its main competitor, Ethereum, as well as other altcoins and even coins. Although the ability to pay with cryptocurrencies, especially online, is becoming increasingly common, cryptocurrencies are still more often viewed as investments rather than as a means of payment.

The crypto market is maturing with its widespread adoption by institutional investors, who are now also increasingly turning to highly regulated token sales, Security Token Offerings (STOs), or financing through DeFi-related products. Moreover, crypto projects are increasingly raising funds through institutional investors or crypto ETFs, which is changing the financing structure in the sector.

Investment in technologies

Investing in cryptocurrencies is like investing in cutting-edge technologies. Blockchain, which forms the infrastructure of most crypto-assets, continues to profoundly transform many sectors.

In logistics, for example, each step of a manufacturing or transport process can be tamper-proofally recorded on a blockchain: from production to the point of consumption. This transparency strengthens the fight against fraud and improves food traceability, maritime transport, and the tracking of sensitive products such as diamonds, wines, or pharmaceuticals.

The applications don’t stop there. Decentralized service platforms are emerging, offering alternatives to traditional models. One of the first notable examples was Arcade City, a blockchain-based ride-sharing solution where drivers and passengers freely set their fares, unlike centralized platforms such as Uber that dictate prices and take commissions. The project planned to use Ethereum for its operation.

Even though the ecosystem has evolved considerably since then, these initiatives illustrate a fundamental trend: blockchain enables the creation of more transparent, fairer systems that are less dependent on intermediaries. Investing in cryptocurrencies is therefore a bet on these innovations that are gradually reshaping the digital economy.

Conclusion
Should you invest in cryptocurrencies? The answer is not a simple yes, but rather: yes, provided you fully understand what you are investing in.

However, despite these risks, the sector remains young, and some cryptocurrencies or blockchain projects can offer attractive return potential. Investment should be part of a diversification strategy, with amounts that can be left untouched and that do not come from essential savings (housing, daily expenses, etc.).

Crypto-assets also represent an important building block of the emerging digital economy. Blockchain and Web3 technologies are gradually redefining how we store, exchange, and own information, in the same way that the internet transformed society twenty years ago.

The major platforms of tomorrow — in finance, logistics, digital identity or the Internet of Things — may already be emerging through projects like Ethereum, Ripple, Solana, IOTA and many others.

Why invest in gold?
Gold is a timeless asset. From antiquity to modern financial markets, it has played a role in protection, stability, and as a store of value. At a time when economies are increasingly interconnected and monetary cycles are accelerating, gold remains one of the few assets capable of withstanding crises while retaining its intrinsic value.

Gold: a safe haven in times of uncertainty
One of gold’s greatest strengths lies in its ability to weather crises.
Whether it is stock market crashes, geopolitical conflicts, health crises or bank failures, gold has repeatedly demonstrated that it remains a financial anchor when everything else falters.

Why does gold withstand crises?

• It is no one’s debt: unlike a bond or a currency, gold is not dependent on a state or a company.
• It is not correlated with equity markets: when indices fall sharply, investors often turn to gold.
• It is universally recognized: its value is accepted everywhere, without condition.

Example:
During the financial crises (2008, 2020, 2022), gold resisted or even rose, while stocks sometimes lost more than 30% in a few weeks.

Excellent protection against inflation and currency erosion
Gold plays a key role in protecting purchasing power.
Over long periods, it has maintained remarkable stability in the face of currency fluctuations.

Why?

• The amount of gold available is changing slowly.
• Conversely, central banks can rapidly increase the money supply.
• When inflation rises, currencies lose their purchasing power… but gold remains rare and sought after.

Illustration:
A quality suit already cost an ounce of gold 100 years ago; today, an ounce of gold can still buy one. In other words:
the purchasing power of gold does not erode over time.

Gold thus constitutes an effective bulwark against:

• inflation,
• currency devaluation,
• the loss of value of traditional bank savings.

A tangible, physical asset independent of the financial system
Unlike digital or paper investments, gold is a tangible asset.

What this brings to the investor:

• Direct ownership: you actually own your asset.
• No risk of default by a third party: no bank failure, no business disappearance.
• Can be kept in a safe or at home: total freedom over management and location.
• Can be easily passed on: ideal in family wealth strategies.

In an increasingly dematerialized world, gold offers a form of psychological and material security that few assets provide.

A powerful tool for diversifying assets
Diversification is the basis of a sound investment strategy.
Gold plays a vital role because it behaves differently from other asset classes.

The advantages of diversification with gold:

• It reduces the overall volatility of a portfolio.
• It cushions losses during stock market crashes because it does not fall at the same time as the stocks.
• It helps to balance a portfolio that is sometimes too focused on finance or real estate.

Most experts believe that allocating between 5% and 15% of one’s assets to gold creates a more robust and resilient structure in the face of economic cycles.

Strong and sustainable global demand
The gold market relies on a variety of players who are very stable over time.

The main sources of demand:

• Central banks: they are buying gold in large quantities to bolster their reserves.
• The jewelry industry: still the world’s largest consumer of gold.
• Technologies: smartphones, microprocessors, medical equipment, green energy.
• Private and institutional investors: increasingly present, especially in periods of uncertainty.

This diversified demand guarantees a solid foundation for the gold market, regardless of economic cycles.

A limited resource: scarcity and rising extraction costs
Gold is distinguished by a fundamental economic characteristic: its natural scarcity.

Why does this rarity justify its price?

• The amount of gold available is increasing very slowly.
• The easily accessible deposits have already been exploited.
• New mining projects are becoming increasingly expensive and take decades to develop.
• Discoveries of new deposits are rare.

In the long term, this combination of scarcity and sustained demand creates a structural upward trend in gold.

Exceptional liquidity, worldwide
Gold is one of the most liquid assets in the world: it can be bought or sold quickly on all continents.

What this means for an investor:

• You can liquidate your gold at any time, even during a crisis.
• International markets operate 24 hours a day.
• Prices are transparent and tracked everywhere.

Few financial assets offer such comprehensive liquidity without relying on a specific intermediary.

Conclusion
Investing in gold is not a speculative strategy, but a choice for building wealth resilience.
Its ability to withstand crises, protect against inflation, its tangibility, its scarcity and its global demand make it an essential pillar of a balanced portfolio.

In an unstable world, gold continues to play its role as an anchor and a source of security, perfectly complementing other investments in modern wealth.

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