Despite a decline in the value of digital currencies, the proportion of Irish people owning cryptocurrency has declined only slightly.
About 10 percent of Irish adults currently own cryptocurrency, up from 12 percent late last year, according to the latest data from personal finance comparison site Finder.com.
The global value of cryptocurrencies has fallen from $3 trillion to $1 trillion.
This has wiped out savings and led many to conclude it is one big Ponzi scheme.
But the number of Irish dumping digital currencies is much smaller than expected.
Cryptocurrency specialist at Finder.com James Edwards said he was surprised that more people in this country have not sold amid the crypto market’s huge drop.
“We saw a huge drop in the price of bitcoin in early May and June, and while we saw a drop in the number of people owning cryptocurrency, it is not as severe as expected.
“This suggests that while some people may have sold, others are holding on for the long term, or were actually buying cryptocurrency for the first time at what they believe to be a discount,” Edwards said.
But he cautioned new investors that investing in cryptocurrency is not for the faint of heart.
“Cryptocurrency is an extremely volatile industry and you should never invest money that you cannot afford to lose. You should also pay attention to trading costs to ensure profits are not wiped out by fees you have to pay when buying and selling.”
Irish men are more likely to own cryptocurrency than women. The survey revealed that 72 percent of crypto owners are men and 28 percent are women.
Bitcoin is the most popular coin among Irish crypto owners.
Cryptocurrencies are digital assets designed as a medium of exchange.
Property is stored in a computerized database using strong cryptography. The supply of crypto is not controlled by central banks.
Crypto critics have long argued that digital currencies have limited value because they are not widely accepted as a means of payment for goods and services.
The crypto crash has reinforced this perception, with critics arguing that crypto is little more than a global casino that operates with virtually no rules or accountability to buyers.
https://www.independent.ie/business/personal-finance/small-drop-in-number-of-irish-holders-of-cryptocurrencies-despite-crash-41935284.html Small drop in number of Irish cryptocurrency holders despite crash