Crypto frenzy is rapidly gaining momentum all across the globe. Having appeared nearly 10 years ago, coins are now an extremely appealing financial instrument for a plethora of market players. For example, a recent survey conducted by the Irish Competition and Consumer Protection Commission (CCPC) showed that more than 11% of all Irish investors have already bought Bitcoin or other cryptocurrencies, while a quarter of the entire young population of Ireland have actively invested in digital assets.
According to the survey, Irish investors are mostly attracted to crypto by high rates of return.
More than 56% of all investors in Ireland prefer to use the Internet to invest. Most of the respondents confessed they choose cryptocurrencies and other virtual instruments for investment in order to extract maximum benefits. Many also preferred the Internet to banks due to the low interest rates offered in traditional financial institutions.
About 19% of the respondents chose shares and stocks as the most preferred modes of investment. Government and corporate bonds follow right behind.
Furthermore, 62% of all Irish people use Internet resources to get the needed information on investment. These resources include banking websites, blogs, social networks and financial news sites. The remaining 38% still prefer to receive financial advice from specialised financial institutions.
Due to the growing popularity of cryptocurrencies in Ireland, the Irish Competition and Consumer Protection Commission warned investors of the possible risks associated with digital assets. “It is important that consumers are aware that investment products can often be highly complex, so it is essential consumers understand the type of product they are investing in,” said Grainne Griffin, the Director of Communications at the CCPC.
CCPC advised the Irish to carefully research the asset they are going to invest in. The commission emphasised that there are huge risks of going bankrupt lying behind high rates of return.
Other Irish organisations also inform their customers of the possibility to lose their funds by investing in highly volatile assets. Central Bank Governor Gabriel Makhlouf has also made such a statement.
Irish people are rising up to come and buy some crypto! The recent survey by the Irish Competition and Consumer Protection Commission (CCPC) revealed that the number of people who have invested in Bitcoin and other coins exceeds 11% of the whole country’s population. Everyone’s mesmerised with high rates of return, while CCPC is warning of risks. However, maybe cryptos are still worth giving a lash to!
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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