Unlike in the past, digital currencies are getting popular with more people paying attention to the emerging market. According to a recent study, Ireland has recorded a 300% increase in cryptocurrency investors. Most of the increase has been attributed to the fame virtual currencies have gained since 2014.
According to the Irish Times, over the last four years, approximately 120K more people in the country now own a digital coin. Bitcoin, being the most famous virtual currency, has been traded by people in excess of 180K in Ireland in the recent past.
The study which was carried out by Red Flag, a communications agency, and Amárach Research, established that the attitude among the general public concerning digital currencies is moving from “suspicion to curiosity.”
The research also recorded that more men than women have invested or traded in cryptocurrencies in the recent past. The younger generation between the ages of 25 and 30 years form the biggest percentage of the Irish people who have invested in digital currencies.
However, even if Ireland has recorded a 300% increase in cryptocurrency investors, very few of these investors understand or bother to know about the technology that holds the digital currencies in place, the Distributed Ledger Technology (DLT).
From the facts gathered, the researchers concluded that for the mass adoption of cryptocurrencies to occur in Ireland, “Cryptocurrency advocates still have a long way to go.” said Amárach’s chairman, Gerard O’Neil.
The increased popularity of digital currencies over the last year and this year will, most likely, push the number of cryptocurrency investors in Ireland even higher.
Do you think cryptocurrency adoption in Ireland will rise in next one or two years? What will be the contributing factors?
Let us know your thoughts in the comments section below.