CCPC survey shows 1 in every 10 Irish investors hold cryptocurrency
Ireland’s Competition and Consumer Protection Commission (CCPC) survey was released on 16th September and has revealed the investment tendencies among the people of Ireland. The poll revealed that more than 1 in 10 Irish investors are invested in one or more crypto assets. CCPC is the statutory body for promoting compliance with and enforcing consumer competition and protection law in Ireland.
38% of the 1000 people surveyed sought the advice of a bank or financial advisor while 62% used the internet to gain investment-related information, through resources such as financial news sites, online banking or investment websites, blogs, and social media platforms.
When it comes to the mode of investment, the survey found that more than half the people, 56% to be precise, prefer online investment. Online investment options are more popular in Ireland among those under 35. 36% of people under 35 use a trading platform or a mobile app such as Etoro or XTB, while 29% prefer an online financial service provider such as Revoult. On the other hand, 22% preferred investing through a bank or investment company and 10% chose brokers or intermediaries.
The survey also found that stocks and shares are the most popular investment option in Ireland, with every 1 in 5 persons investing in them. It was followed by government or corporate bonds, preferred by 12% Irish investors.
Digital assets are held by 11% of Irish investors and about a fourth of young citizens are speculating on crypto. Cryptocurrency investors from the age of 25 to 34 have grown to 25%, and are most open to investing in Bitcoin or other digital coins. Further, more than 1 in 10 Irish investors have invested in at least one crypto asset.
The motivation for investment for 79% of the people was long-term returns on their money. The poll also revealed that 46% of Irish citizens invested due to current low-interest rates while 26% invested for personal gratification. Interestingly, 51% of men were more likely to invest due to low-interest rates than 38% of women. Finally, the survey showed that 47% of Irish people under 35 invested in the experiment.
Based on the survey findings, Gráinne Griffin, the Director of Communications with CCPC, concluded that Irish citizens are shifting online in terms of both – modes of investment as well as seeking information on investment. Griffin added, “The poll clearly points to a transition towards digitized investment, especially among the younger Irish population.”