TL; DR Breakdown
- Gemini conducted a survey highlighting a potential rise in cryptocurrency awareness and adoption in Ireland.
- The central bank of Ireland warns about the dangers of crypto trading.
The new cryptocurrency wave is beginning to extend its roots to Ireland, with a vast number of people gaining interest in acquiring a handful of information or knowing more about the newly emerging crypto assets. Interestingly, more people in Ireland are willing to acquire cryptocurrency in the coming months, according to a recent survey conducted by leading digital currency trading platform Gemini.
Gemini reports growing interest in crypto amongst Irish investors
About 18% percent of respondents said they already own Bitcoin, which is a significant increase from last year when only 2% of people reported owning Bitcoin. Up to 58% said they do not own any cryptocurrency. However, they are interested in learning more about cryptocurrency and will likely acquire it next year.
Women occupy a big percentage of the people who have invested in cryptocurrency than men, and the survey also shows that 18 percent of the respondents also own or previously owned cryptocurrency.
Interest in cryptocurrency, especially Bitcoin, Ethereum, Litecoin, etc., has been growing rapidly across the world. The report today that one in five people now own cryptocurrency in Ireland is a clear sign that digital currencies are starting to take off in the country; perhaps, the reason Gemini recently expanded its service to Ireland.
In March, Gemini received an e-money license from the Irish central bank to operate in the country. Head of Ireland, Gillian Lynch, stated that Irish people have a passionate appetite for cryptocurrency. “Given Ireland’s international reputation as a center for financial services and new technologies,” she added, “this was to be expected.”
Central bank of Ireland warns traders about crypto risks
The growing interest in cryptocurrency amongst Irish investors is also drawing the attention of fraudsters. Financial services Ombudsman offices reported an increase in crypto scam complaints last month. The Ombudsman’s office noted that many investors who had seen great returns from cryptocurrency investment ended up losing money to scammers.
The Central Bank warned that cryptocurrencies are “highly risky and speculative,” adding that traders should be wary of misleading advertisements and influence campaigns on social media. Irish people are more “crypto curious” than those in some countries like Germany or the United Kingdom, as per Gemini’s survey.