More than 10 per cent of Irish adults are dabbling in cryptocurrencies and NFTs, a new survey has found, but younger males are more likely to own the digital assets.
The 13 per cent figure puts Ireland ahead of the UK, at 10 per cent, and behind the US, where 40 per cent of adults own digital assets.
The data comes from a survey, which was carried out by Amarach on behalf of Blockchain Ireland. It found trust was a major obstacle for those who were considering investing in digital assets, with 47 per cent saying it inhibited them from buying crypto.
Some 42 per cent said a lack of understanding was behind their concerns, with almost a third citing security concerns. More than 40 per cent said they would feel more comfortable buying cryptocurrency if there were more educational resources available, while 18 per cent would rely on recommendations from friends.
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Among those who own digital assets, cryptocurrencies were the most popular digital asset, at 93 per cent, with 83 per cent holding them for more than a year. Younger males, in the 18-34 age group, were more likely to own digital assets than any other age group.
The survey questioned 1,000 Irish adults in March of this year, in a bid to track and analyse Irish people’s understanding of and engagement with digital assets, and emerging technologies such as decentralised finance and Web3.
Only 29 per cent said they were aware of companies using blockchain technologies, and only 13 per cent were familiar with the term DeFi. Less than one in 10 knew the term “Web3″. However, the term “digital wallet” fared better, at 62 per cent.
“While there are encouraging points in this first annual survey, it’s clear that there’s work to be done in providing Irish people with the knowledge and confidence to own and use digital currencies, as well as DeFi services and Web3,” said chair of Blockchain Ireland, Lory Kehoe.
“The flexibility and range of new services available to Irish consumers through the use of digital assets and services, cannot be ignored. We must work with all parts of the ecosystem to ensure that Irish people have all that they need to take full advantage of this exciting new era in consumer and financial developments.”
The survey was published ahead of Blockchain Ireland Week, which is set to take place at the end of the month.
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