A recent survey commissioned by Blockchain Ireland and carried out by Amarach, has discovered that over 10% of adults in Ireland are investing in cryptocurrencies and NFTs, with a higher participation rate seen among younger males. The statistics show that there are more digital asset owners in Ireland with a score of 13%, compared to the UK’s 10%, but fewer than in the US where 40% of adults hold such assets.
The results showed that lack of trust was a significant factor preventing almost half of potential investors from getting involved. Around 42% citied insufficient understanding and nearly a third voiced concerns over security. Many emphasised the need for more informative resources on digital currency, with over 40% indicating they would be more at ease purchasing it if there were more opportunities to learn about it, while close to 20% would consider recommendations from friends.
The survey involved 1,000 Irish adults in March this year, aimed at investigating the Irish understanding and involvement with digital assets and technologies such as Web3 and decentralised finance.
Only 29% of the surveyed adults were aware of businesses utilising blockchain technologies, with a mere 13% familiar with the term DeFi. The term “Web3” was less known, however “digital wallet” was recognised by 62%.
Lory Kehoe, who chairs Blockchain Ireland, stated that although the survey results had positive indications, there was obvious room for improvement in educating the Irish public. He stressed that the huge potential of digital assets and the many emerging services offered shouldn’t be overlooked. He also stated that assisting the Irish populace in tapping into these advancements was crucial.
The survey’s release comes prior to the upcoming Blockchain Ireland Week, scheduled to occur later in the month.
Enrol for Business push notifications to receive top news, detailed analyses, and commentaries straight to your mobile. Our ‘Inside Business’ podcast releases a new episode every week – Check out the most recent one here.