Small drop in number of Irish holders of cryptocurrencies despite crash

There has only been a small fall in the proportion of Irish people owning cryptocurrency despite a collapse in value of the digital currencies.

ome 10pc of Irish adults currently own cryptocurrency, down from 12pc late last year, according to the latest data from personal finance comparison site

The global value of cryptocurrencies has plunged from $3trn (€3.01bn) to $1trn.

This has wiped out savings, and prompted many to conclude that it is one big Ponzi scheme.

But the numbers of Irish people dumping the digital currencies is much smaller than had been expected.

Cryptocurrency specialist at, James Edwards, said he is surprised more people in this country have not sold up given the huge drop in the crypto market.

“We saw huge drops in the price of Bitcoin at the start of May and June and while we did see a reduction in the number of people holding cryptocurrency, it’s not as severe as expected.

“This suggests that while some people have sold, others are holding for the long term or may have actually bought cryptocurrency for the first time at what they consider to be a discount,” Mr Edwards said.

But he warned new investors that investing in cryptocurrency is not for the faint-hearted.

“Cryptocurrency is a hugely volatile industry and you should never invest money you can’t afford to lose. You should also pay attention to the cost of trading to make sure any gains aren’t negated by fees you need to pay as you buy and sell.”

Irish men are more likely to own cryptocurrency than women. The survey found that 72pc of those who own crypto are men, 28pc are women. 

Bitcoin is the most popular coin among Irish crypto owners.

Cryptocurrencies are digital assets designed to be a medium of exchange.

Ownership is stored in a computerised database using strong cryptography. The supply of crypto is not controlled by central banks.

Critics of crypto have long argued that the digital currencies have limited value as they are not widely accepted as payment for goods and services.

The crypto crash has reinforced this perception, with critics arguing that crypto is little more than a global casino operating with virtually no rules or accountability for buyers.

Source link

Tags: No tags

Add a Comment

Your email address will not be published. Required fields are marked *