According to a research, the amount of cryptocurrency users multiplied by four over this many years. The study was carried out by Amárach Research partnered with Red Flag Ireland communications firm.
1000 Irish citizens over 16 years of age participated in the study, and it was “the first in a series” of polls of its kind.
The research estimated that 120 thousand Irish citizens own cryptocurrency at the moment, while 180 thousand owned Bitcoin (BTC) at some point.
85% of the respondents expressed that they know of Bitcoin. This is up from less than 50% in a separate study conducted in 2014.
Despite the rise in adoption, Amárach chairman expressed that
“Cryptocurrency advocates still have a long way to go in driving higher adoption in Ireland.”
Managing director of Red Flag Ireland, Deidre Grant explained:
“This is a fast-growing sector in Ireland, particularly among young men. But, the level of understanding is still quite low, with one in eight respondents believing [cryptocurrencies] are used mainly by criminals.”
Last month, Irish Revenue Commissioners (IRC) clarified the tax obligations associated with cryptocurrency. For most part, it confirmed that the existing regulations apply to the cryptocurrency market. The IRC was clear that the guidelines only applied to taxes and it did not cover regulation or other areas.