Attitudes toward cryptocurrency in Ireland have shifted from doubt to openness, according to new research from Amárach Research and communications firm Red Flag published in The Irish Times. The surve
Attitudes toward cryptocurrency in Ireland have shifted from doubt to openness, according to new research from Amárach Research and communications firm Red Flag published in The Irish Times. The survey pinpointed rising knowledge and participation with digital assets as the driver behind the change.
About 120,000 Irish people own cryptocurrency, representing a 300% increase. More than 180,000 have traded or used Bitcoin. In 2014, fewer than half of Irish adults knew what Bitcoin was. Today, 85% do.
Amárach and Red Flag surveyed 1,000 Irish residents over 16, a representative sample the firms say marks the first in a series examining currency and fintech advances.
The findings on gender diverge from global patterns. Five percent of men surveyed owned cryptocurrency versus 3% of women. Men dominate global crypto adoption, with women representing 5-7% of users according to December 2017 Forbes reporting. The Irish figures show a narrower gap.
A London Block Exchange survey found 13% of women in the U.K. would consider cryptocurrency investment, up from 6% in late 2017. Agnes de Royere, Senior Business Analyst at the London Block Exchange, said: "There's still a common misconception that cryptocurrency is a game for men, but we've seen hundreds of women sign up for our exchange in the last few months and some of the most inspiring and knowledgeable investors, leading the way in the industry are female."
Trust Wallet's analysis of its visitor base in January counted women at 5.7%. The Amárach data doesn't provide enough detail to conclude whether Irish women show greater inclination toward crypto investment than global averages, though the contrast with other findings merits attention.
Bitcoin dominates Irish crypto holdings at 44%, followed by Litecoin at 30% and Ethereum at 27%.
Knowledge gaps remain substantial. Seventy-four percent of respondents had not heard of blockchain. Of the 22% who had encountered the term, 41% described their understanding as "very little."
Gerard O'Neill, Amárach Research Chairman, noted that while rising interest creates conditions for future growth, "Cryptocurrency advocates still have a long way to go in driving higher adoption in Ireland."
Millennials aged 25-34 own crypto at three times the rate of other age groups.
MiningPool spoke with figures in Ireland's crypto sector about whether momentum is building. Joseph Thompson, CEO and co-founder of Dublin-based blockchain company AID:Tech, said: "It is an encouraging sign that cryptocurrency adoption is on the rise in Ireland. This would really suggest that we are hitting certain critical mass, enough so that people are willing to give this very disruptive technology a try."
Thompson believes crypto will require practical applications to sustain growth. The critical factor involves blockchain applications solving real problems. "It needs to be something that is socially relevant, can make genuine difference to the status quo for the better, and fits the consumers' needs," he said.
Shane Brett, co-founder and CEO of regulatory blockchain technology firm GECKO Governance in County Louth, pointed to Ireland's established track record in innovation. Major technology corporations have planted offices there, and the country hosts what Brett described as a "vibrant tech startup scene" backed by government support.
"The millennial population is becoming more curious about cryptocurrencies as they are increasingly discussed in media circles and by larger financial institutions who are beginning to move into this space. Indeed, their interest is also piqued by the new breed of 'crypto millionaires'," Brett said.
As Irish companies begin accepting cryptocurrencies for fundraising and payments, Brett expects both interest and understanding to deepen.
