Almost one in five people now own cryptocurrency in Ireland
ALMOST one in five people now own cryptocurrency in this country, with huge interest in acquiring digital currency.
58% of Irish people who don’t own cryptocurrency want to learn more or are likely to acquire it in the next 12 months.
That’s according to a survey commissioned by crypto-trading platform Gemini, which recently obtained an e-money license from the Central Bank of Ireland.
The company was founded by the billionaire Winklevoss brothers, who successfully sued Facebook founder Mark Zuckerberg, claiming he stole the idea for the social networking site from them.
Obtaining an Irish license allows Gemini to issue e-money, which it currently does in the UK, subject to authorization from there.
Gemini’s survey found that 58% of Irish respondents, who do not currently own a cryptocurrency, want to learn more or are likely to acquire it in the next 12 months.
The huge enthusiasm for cryptocurrency comes despite the Office of the Financial Services Ombudsman saying last month that there had been an upsurge in complaints about cryptocurrency scams.
The ombudsman’s office said it saw “a noticeable increase” in the number of complaints from people who thought they were investing in crypto assets but ended up losing all their money.
And the Central Bank recently warned that crypto-assets are “highly risky and speculative” and are subject to misleading advertisements and social media influencer campaigns.
Gemini said its “2022 Global State of Crypto” report found that people in this country are more “curious about crypto” than those in Germany or the UK.
And the majority of those interested in crypto in this country are women.
The survey revealed that 18% of Irish respondents currently own or have previously owned a cryptocurrency.
This matches ownership levels in other developed countries, such as the UK, Germany, Australia and the US.
The survey found that Irish crypto buyers hold their cryptocurrency for long-term gains, and 39% actively trade their crypto.
More than a third of the owners are between 25 and 34 years old, more than the other age groups.
About four in 10 current buyers of digital currencies are women, of which six in 10 are men.
Gemini is a platform that provides individuals and institutions with tools to buy, sell, and store cryptos like bitcoin and ether.
It was founded in 2014 in the United States by Cameron and Tyler Winklevoss.
The company recently obtained an Electronic Money Institution (EMI) license from the Central Bank of Ireland, the first such license granted by the Central Bank since 2020.
Gillian Lynch, Gemini’s head of Ireland and Europe, said the survey reveals Irish people have a strong appetite for crypto.
She said this was to be expected given Ireland’s international reputation as a hub for financial services and emerging technologies.
Tyler and Cameron Winklevoss are best known for suing Facebook founder Mark Zuckerberg for claiming he stole the idea for the social networking site from them when they were students.
The twins eventually received a $65 million settlement in cash and Facebook stock after a series of lawsuits.
The identical twins founded Gemini in 2014.
It allows retail investors to buy, sell and hold cryptocurrencies as well as create and invest in non-fungible tokens (NFTS).