According to the latest survey, the majority of crypto owners in Ireland are in their 20s and 30s. The comparison site of Australia indicates that right now almost a half million people in Ireland own Bitcoin or other forms of crypto assets.
The research was published after Bitcoin has lost the majority of its value, since hitting the peak in November 2021. While Bitcoin indeed went downwards, the latest surge in inflation in the United States helped the world’s largest cryptocurrency to get back on its feet.
Experts and representatives of central banks constantly warn about the volatility of cryptocurrencies and reiterate that this could pose a risk to finances.
The official website of Australia Finder.com noted that the adoption of cryptocurrencies in Ireland is strong. Approximately 456,000 people in this country owned cryptocurrency as of December 2021. This represents 12% of adult Internet users in the country.
According to Finder.com, Ireland is currently ranked 20th for cryptocurrency ownership out of twenty-seven countries surveyed. According to the survey, Bitcoin still remains the most popular cryptocurrency, after Ethereum and Dogecoin.
The report also emphasizes that according to Irish citizens, cryptocurrency is a good investment and it is below the global average of 43%. Compared to Australia, the majority of young citizens in Ireland know what cryptocurrency is and its capabilities.
Did you know that men are more oriented towards cryptocurrencies than women? They are the ones that own cryptocurrency most compared to their female counterparts.
It should be noted that in the recent period, cryptocurrencies have experienced numerous ups and downs. Periodic buying frenzies have been incentivized by surges in the value of digital coins.
The inflation in the United States contributed a lot to the growing value of Bitcoin. In addition, experts argue that cryptocurrency is a hedge against rising prices. Bitcoin has seen a rate of $70,000 in the past few months as well as $40,000.
The BPFI has also warned about recent scams which are frequent in the crypto industry. They are digital currencies and the ownership is stored in digital cryptography. Central banks do not control different cryptocurrencies and the control mechanisms are scarce when it comes to digital currencies.
Even though the central bank of Ireland warned people about the dangers of purchasing cryptocurrencies, comparing it to the tulip mania, still a lot of people express interest in buying digital assets so that they can ensure financial security and stability. The head of the Bank of England also noted that people willing to invest money in cryptocurrencies are likely to lose everything. In their warning, the central bank noted whether people were to lose their money in
The head of the Central Bank of Ireland Gabriel Makhlouf added that he would not invest in digital currencies, thinking it is not a suitable option.
We should also note that the market capitalization of different crypto assets has grown massively to about $2.6tn. It represents about 1% of global financial assets.