A poll conducted by Amarach Research and Red Flag has found that 120,000 Irish citizens now own cryptocurrency, up 300% in four years. The study also found that 180,000 Irish citizens have traded or used Bitcoin at some point and that public sentiment in Ireland towards Bitcoin is shifting from suspicion to curiosity.
About 85% of Irish citizens currently know about Bitcoin according to the study, a major increase from less than 50% during a 2014 Amarach poll. some 44% of Irish citizens who own cryptocurrency own Bitcoin, making it the most popular cryptocurrency in Ireland, while 30% own Litecoin and 27% own Ethereum.
However, the study also found Irish citizens have almost no understanding of how cryptocurrencies work, with 75% having never heard of blockchain. Out of the 25% that have heard about blockchain, 40% knew very little about it. Clearly, there is a lot of work to be done to educate Irish citizens about blockchain technology.
The study found that millennials, aged 25-34, are most optimistic towards cryptocurrency and are three times more likely than any other age group to own cryptocurrency. Also, there is slightly more interest in cryptocurrency from men than women.
The poll surveyed 1,000 Irish citizens over the age of 16 and is the first in a series of polls examining the extent to which Irish citizens are embracing new financial innovations.
The chairman of Amarach, Gerard O’Neill, said increased curiosity towards cryptocurrency is creating ideal conditions for widespread adoption in Ireland, but there is still a long way to go. Indeed, there are over 6.5 million people in Ireland, so according to Amarach only about 3% of Irish citizens have ever used cryptocurrency.
Meanwhile, the government of Ireland is regulating cryptocurrency and keeping it legal. Ireland’s Revenue Commissioners released a cryptocurrency tax code that treats cryptocurrency as capital gains.
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