Research shows that about 120,000 people in Ireland use or trade digital currency, which has increased by 300% over the past four years. The public’s sentiment towards digital currencies is “turning from suspicion to curiosity.”
Public sentiment is "from suspicion to curiosity"
The study found that the number of encrypted Internet users in Ireland has quadrupled in four years. A study conducted by Amárach Research and the communications company Red Flag found that Irish citizens are increasingly looking at cryptocurrencies. The survey asked 1,000 Irish citizens aged 16 or older and claimed to be "the first poll in a series of polls examining Irish participation in financial innovation."
The study estimates that there are currently 120,000 Irish citizens who have a cryptocurrency that has increased by 300% in four years. A total of an estimated 180,000 Irish citizens in this study have BTC at some point.
With the major media coverage of the bull market last year, the general awareness of cryptocurrency seems to have greatly increased, with 85% of respondents saying they are familiar with Bitcoin - the proportion of Irish adults from less than half in 2014 is higher than that found in a separate study The proportion is carried out by Amárach.
Millennials are more likely to have cryptocurrencies
Unsurprisingly, millennials are considered to be the most likely to participate in the cryptocurrency, and people aged 25-34 are estimated to have three times the likelihood of having encrypted assets.
Despite the apparent increase in the use of encrypted users in Ireland, Gerard O'Nell, chairman of Amárach, stated: “Cryptographic currency advocates still have a long way to go in promoting Irish adoption.”
Executive Director of Red Flag Ireland concluded: “This is a fast-growing industry in Ireland, especially young people. However, the level of understanding is still very low, and one-eighth of respondents believe that cryptocurrencies are used mainly by criminals.”
Irish regulators provide tax guidance for encrypted users
The Irish Tax Commissioner published a manual to clarify the tax liability of cryptocurrency users in the country.
The document states that companies and individuals that trade in cryptocurrency will be taxed in accordance with current regulations, the proceeds of cryptocurrency transactions and the cumulative personal capital gains tax losses and the company taxable income corporate tax.