1 in 10 Irish investors owns a cryptocurrency: investigation by the Competition and Consumer Protection Commission

The Irish Competition and Consumer Protection Commission (CCPC) survey released on September 16 revealed important aspects of investment trends among the masses. CCPC is the statutory body responsible for promoting compliance and enforcement of competition and consumer protection law in Ireland.
The investigation led to the following conclusions:

  • Information support:
    • 62% of the 1000 respondents used the Internet to obtain information on investments. Resources used by these individuals include online banking or investing websites, financial news sites, blogs, and social media platforms.
    • 38 percent, sought advice from a bank or financial advisor.

  • Investment mode:
    • More than half, or 56% of investors, prefer to invest online.
    • Online investing options are more popular among those under 35.
      • In the under 35 group, 36% preferred using a trading platform or mobile application such as XTB or Etoro
      • 29% of this age group use an online financial service provider like Revoult.
      • 22% of them prefer to invest through a bank or an investment company.
      • 10 percent preferred brokers or intermediaries.
  • Popular investment option:
    • For 1 in 5 people, stocks and stocks are the most popular investment option.
    • The second most popular investment option is government or corporate bonds, preferred by 12% of Irish investors.
    • 11% of investors held digital assets and a quarter of young Irish citizens speculate on cryptocurrencies.
      • The survey shows that more than one in 10 Irish investors have invested in one or more crypto assets.
      • Cryptocurrency investors in the 25-34 age bracket have jumped to 25%. This group of investors is the most open to savings in Bitcoins or other digital coins.
  • Motivation for investment:
    • 79% invested for better long-term returns on their money
    • 46 percent invested due to current low interest rates.
      • Of those 46 percent, 51 percent of men were more likely to invest because of the low interest rates than 38 percent of women.
    • 26 percent invested for personal gratification
      • 47 percent of them were under 35 and invested in experimentation.

Based on the results of the survey, Gráinne Griffin, Director of Communications at CCPC, concluded that Irish citizens are turning to the internet in terms of both ways of investing and finding information on the investment. The poll clearly indicates a transition to digital investing, especially among the younger Irish population, Griffin said.
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