Irish Cryptocurrency Investment Trends: CCPC Survey Reveals Key Findings

Ireland’s Competition and Consumer Protection Commission’s (CCPC) survey released on 16th September has revealed important facets of investment tendencies among the masses. CCPC is the statutory body for promoting compliance with, and enforcing consumer competition and protection law in Ireland.
The survey came up with the following findings:

• Medium of information:
  
  
  • 62 percent of the 1000 people surveyed used the internet to gain investment-related information.The resources used by these people include online banking or investment websites, financial news sites, blogs and social media platforms.
    
  • 38 percent , sought the advice of a bank or financial advisor.

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

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. The poll clearly points to a transition towards digitized investment, especially among the younger Irish population, Griffin said.
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