A new survey obtained by The Irish Times suggests that millennials are changing their attitudes towards cryptocurrencies. Over 120,000 Irish people hold digital coins, marking a 300-percent increase in the number of investors in the past four years. The survey suggests that the majority of investors hold Bitcoin, followed by Litecoin and Ethereum. The research shows that even though people are interested, the overall level of understanding of the industry is still low.

More Irish People Hold Currencies Than Ever Before

Currently, about 120,000 people in Ireland hold some cryptocurrency. About 180,000 people have held or traded in Bitcoin (the market leader of digital currencies) at some point.

The study was conducted by Red Flag communications agency and Amarach Research, with over 1,000 participants over the age of 16. The companies claim that it is “the first in a series” of studies that will measure the citizens’ attitudes towards cryptocurrency and fintech innovations.

Demographic Details Emerge

The most pro-virtual coin attitudes exist among millennials aged 25 to 34 years. The people in this age group are three times more likely to own a digital coin than others. The attitudes remain similar in both men and women, with men only slightly more likely than women.

Woman holding gold bitcoin. Source: shutterstock.com
Woman holding gold bitcoin. Source: shutterstock.com

About 44 percent of the users hold Bitcoin, while 30 percent hold Litecoin and 27 percent favor Ethereum. The overall understanding of the industry remains low, even though adoption is increasing. About two-thirds of the surveyed users had never heard of blockchain, the technology that supports the use of virtual coins. Forty percent from the remaining one third claimed to “know very little” about the technology.

Better Communication Helps in Growth

The research also suggests that the overall public sentiment for the digital currencies has changed from “suspicious” to “curious.” As media coverage for these cryptocurrencies is increasing, people are becoming more interested in the concept. An Amarach study of 2014 highlighted that less than 50 percent of citizens recognize Bitcoin. That number has grown to 85 percent in 2018.

Amarach chairman Gerard O’Neill commented on the report:

Cryptocurrency advocates still have a long way to go in driving higher adoption in Ireland.

However, he noted that as interest is rising, the country is building “ideal conditions for higher take-up.”

The managing director of Red Flag Ireland, Dierdre Grant, said:

“This is a fast-growing sector in Ireland, particularly amongst young men. But, the level of understanding is still quite low, with one in eight respondents believing [cryptocurrencies] are used mainly by criminals.”

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