The number of cryptocurrency investors in Ireland has fallen slightly in the past year, or so it appears, according to recent data from Finder.com.
The report revealed that cryptocurrency adoption in the island nation has declined by about 16.6% over the past year. Among the Irish adult internet users surveyed, 10% own cryptocurrency, compared to 12% in 2021.
James Edwards, crypto specialist at Finder commented that such a small drop is actually a positive shock given the bear market condition.
“We saw a significant drop in the price of bitcoin at the beginning of May and June, and while we saw a decrease in the number of people holding cryptocurrency, it is not as severe as expected.”
Edwards says the data suggests that despite the selloff, a lower dip in holders suggests both loafers and more discount buying.
The survey also highlighted the dominance of Irish investors over female investors, with the proportion of men being 72%. This gender gap is in line with the reality of the entire crypto space, which is overwhelmingly male-dominated.
This is slowly changing as the space continues to merge with various global industries. According to the 2021 BTCM Investor Study Report, the number of female investors entering the space increased by 126%.
Irish investors are the most keen on Bitcoin (BTC) with a 35% ownership rate among local users. This is followed by Dogecoin (DOGE) (26%) and Ethereum (ETH) (23%).
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Overall, Ireland has been a friendly jurisdiction for crypto companies. In fact, in October 2021, Binance established three subsidiaries in Ireland and a fourth in November.
Gemini Exchange was granted a virtual asset provider license in Ireland on July 20 this year. Kraken and Ripple are two other crypto-focused companies that have chosen Ireland for their European headquarters.