Consumers have been warned about the dangers of investing in digital currencies after it was revealed that one out of every ten Irish individuals owns the digital currency.
According to a study commissioned by the State’s Competition and Consumer Protection Commission (CCPC), even more young people have purchased Bitcoin and other digital currencies.
According to a poll of 1,000 persons, one out of every ten people owns a cryptocurrency.
For those between the ages of 25 and 34, this number rises to one in four.
People who invest in digital currencies risk losing all of their money, according to Central Bank Governor Gabriel Makhlouf.
Investing in cryptocurrencies has inspired con artists looking to defraud consumers by promising big profits.
According to the poll, the majority of individuals are making new investments online, with many of them utilizing online applications.
A third of individuals under the age of 35 use social media to find out about investments.
The findings of the MRBI Omnipoll study, which polled 1,000 people, show that when it comes to investing, investors are turning to digital platforms.
Most investors said they like to get investing information through online platforms, including online banking and investment sites, forums, social networks, and financial news.
Besides, they said they invested for greater lengthy returns on their money when questioned about motivational reasons.
Nearly half of those polled indicated the present low-interest rates encouraged them to invest.
According to the CCPC’s research, over one-fifth of investors say they have no idea what fees and taxes they must pay on their assets.
One-fourth of investors said they don’t keep a close eye on their investments’ performance.