Dublin: Modern technology is also changing people’s saving habits. Savings are no longer invested in banks or real estate. People are now investing in cryptocurrency assets.
According to an international study, more than 500,000 people in Ireland own crypto assets. However, in terms of cryptocurrency ownership, Ireland ranks below the global average. However, the study points out that it is higher than in countries such as the United States and the United Kingdom.
The governor of the Bank of England has warned that cryptocurrency buyers should be prepared to lose everything. Gabriel Makhlouf, Governor of the Central Bank of Ireland, has also stated that he will never invest in digital assets.
Ireland above US and UK.
Finder’s cryptocurrency editor James Edwards said Ireland ranks 15th in cryptocurrency ownership compared to 26 other countries.
The governor of the central bank and others had warned investors that they could lose their entire investment. There have also been reports of losses of up to €50,000 as a result of cryptocurrency investment scams. Nonetheless, the study shows that cryptocurrency investment is becoming more popular in Ireland.
About 552,000 people own the digital currency, according to the Finder study. 15% of adults have invested in cryptocurrencies. Cryptocurrency is popular among people aged 25 to 34 and 45 to 54.
Fluctuating crypto values.
James Edwards also said that various cryptocurrency values have been in high volatility lately. The United States is preparing to impose stricter crypto tax reporting requirements on citizens. Chinese regulators are also trying to crack down on it. This is believed to be behind the volatility.
Cryptocurrencies are risky…
The Banking and Payments Federation of Ireland warned about cryptocurrency investment scams in May. Cryptocurrencies are digital assets that are intended to be used as a medium of exchange. Its ownership is encrypted and stored in a computerised database. The central bank has no control over the distribution of crypto.
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