The cryptocurrency market in Ireland has seen a surge in interest, with the total number of crypto users in the country increasing by 879% in the past year. This is according to a report by Irish cryptocurrency exchange, Bitcove, which revealed that the number of Irish citizens investing in cryptocurrencies rose from 10,000 in 2020 to 98,000 in 2021.
The report also highlighted that Bitcoin was the most popular cryptocurrency among Irish investors, with 63% of respondents stating they had invested in the digital asset. Ethereum came in second place, with 28% of respondents investing in the cryptocurrency.
While the surge in interest is significant, it’s worth noting that the numbers appear lukewarm when viewed in a global context. On April 17, Cointelegraph reported that Bitcoin and Ether futures and options listed on the United States-based CME Group (NASDAQ:CME) surpassed $3 billion in daily average notional value. Similarly, the ProShares Bitcoin Strategy ETF listed on NYSE Arca has an average daily volume of approximately $196 million.
Despite this, the report suggests that the cryptocurrency market in Ireland is growing rapidly, with many Irish citizens viewing it as a viable investment option. The report also showed that 54% of respondents believed that cryptocurrencies would become more widely accepted in Ireland in the next five years.
The report’s findings come at a time when the Irish government has been taking steps to regulate the cryptocurrency market. In March 2021, the Central Bank of Ireland introduced new rules for companies offering cryptocurrency-related services, requiring them to register with the regulator and comply with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations.
The report also revealed that the majority of Irish investors were male, with 78% of respondents identifying as male. The age range of investors was relatively broad, with 43% of respondents aged between 25 and 34, and 32% aged between 35 and 44.
Overall, the report suggests that the cryptocurrency market in Ireland is growing rapidly, with many Irish citizens viewing it as a viable investment option. However, it’s important to note that the numbers are still relatively small compared to the global market. As the market continues to mature and regulations become more robust, it will be interesting to see how the cryptocurrency landscape in Ireland evolves.