Bitcoin could stabilize the value of pension schemes in France after President Emmanuel Macron revealed a plan in January 2023 to increase the retirement age for French pensioners from 62 to 64.
Today, protestors invaded the Paris branch of BlackRock, the world’s largest asset manager, in the latest snub to President Macron’s sweeping reforms that some claim only benefit rich companies.
French President Polarizes Workers as Government Looks to Recover Funds
The French government forced the approval of the new scheme on March 16, 2023, without a vote.
In addition to changing the retirement age, the new law consolidates all 42 schemes into a single points-based plan. This revised plan would reportedly simplify job transitions and interruptions. However, it will harm employees whose scheme offers better money and lower retirement age.
Knowing that the new reform would likely result in winners and losers, Macron sought to reframe its public perception through a lengthy national consultation. He said the plan would start in 2025 and transition fully across 15 years.
The French Pension Advisory Council estimates the reform will bring in $19.3 billion op the French government by 2030. Compensatory measures to smooth the transition to a higher retirement age and longer contribution period could exceed $4.9 billion.
While some fund managers, including Vanguard, maintain that Bitcoin’s long-term value proposition is weak, others have seen it as a safe haven asset that protects against currency devaluation retiring employees will likely face.
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Author: David Thomas
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