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The ownership of crypto slightly dropped in Ireland. 10% of adults in Ireland now own a form of digital currency. This has decreased from 12% in 2021. It is as per the latest data from analysts. Men are more likely to own crypto. 72 % of cryptocurrency holders are men, and 28 % are women. Bitcoin is the most renowned coin among crypto owners in Ireland. If you are interested in Bitcoin trading, You might be interested in reading about Bitcoin Is Pacing Up.
Dogecoin and Ether follow it with 26 % and 23 %.
Crypto specialists said that they are surprised that crypto adoption didn’t fall more, provided the massive drop in the cryptocurrency market. There were significant drops in the price of Bitcoin at the beginning of May and June. There was a fall in the number of people who held crypto. It is never as severe as expected.
It suggests that while a few people have sold, others are still holding for the long-term. They have mainly bought crypto for the first time at what they actually consider to be a good discount.
They warn new investors that investing in crypto is not for any faint-hearted. Crypto is a highly volatile industry. You should never invest any money you can never afford to lose. You must pay attention to the trading cost for ensuring any profits are not negated by fees you require to pay as you buy or sell.
They analyzed crypto exchanges. They took into account many factors. These include fees, available coins, regulations, and deposit methods for naming Kraken the best crypto exchange worldwide.
Kraken had excellent scores for its comprehensive list of features, such as 24/7 customer service and value for money. These make it a perfect platform for people keen to buy crypto and invest in digital assets.
CCPC, or the Competition and Consumer Protection Commission of Ireland, did a survey. It was released on 16th September. It revealed vital facets of tendencies of investment among people. CCPC is known as the statutory body that promotes compliance with and enforces consumer competition and protection law in Ireland. This survey had the following findings:
Information medium
Among the 1000 people surveyed, 62 % used the Internet to earn investment-related data. The resources used by such people included online banking websites or some investment websites. Other than these, blogs, social media platforms, and financial news websites were there.
38% sought a bank or financial advisor’s advice. Around 56% of investors liked online investments. Such options are highly popular among those below 35 years. In people under the age group of 35, 36% liked using a mobile app like XTB or trading platforms.
29 % of such age groups make use of an online financial service provider such as Revoult. 22% of them liked investing via an investment company or a bank. 10 % opted for intermediaries or brokers.
Well-known options for investment:
Among five people, 1 share and stocks are the most well-known investment options.
Government or corporate bonds are the second most well-known option. 12 % of the investors in Ireland prefer it.
11% of the Irish investors held digital assets. ¼th of the young citizens of Ireland are speculating on cryptos. According to the poll, over 1 in 10 investors in Ireland invested in one or more cryptocurrency assets. Crypto investors in the age group of 25-34 years increased to 25 %. Such an investor group is most open to savings in Bitcoin or other digital coins.
Investment motivation:
For better long-term returns of their investment, 79% invested. 46 % invested because of the present low rate of interest. Among this 46 %, 51 % were men who were more likely to make investments because of the low interest rate compared to 38 % women. 26 % invested for personal satisfaction. 47 % among these were under 35 years. They invested in experimentation.
Conclusion
Depending on this survey finding, the Director of Communications with CCPC, Grainne Griffin, said that citizens of Ireland are shifting online in investment modes and seeking investment information. This poll points clearly to one transition towards digitized investment, mainly among the younger population of Ireland.
