AROUND half a million people now own cryptocurrencies in this country, according to an international study.
At that level, Ireland is below the global average for cryptocurrency ownership but above countries like the US and the UK.
Cryptocurrency investment is popular in this country despite dire warnings from the Governor of the Central Bank, among others, that those who invest in them risk losing all their money.
And consumers have been warned about a rise in cryptocurrency investment scams, with victims being conned out of sums of up to €50,000.
Some 15pc of the adult population here owns cryptocurrency, with peopled aged 25 to 34 most likely to invest, followed by those between the ages of 45 and 54, according to Finder.
It estimates that this means around 552,000 people own digital currency of one kind or another.
Bitcoin is the most popular coin to own, followed by Ethereum and Ripple.
Finder’s cryptocurrency editor James Edwards said compared with 26 other countries, Ireland ranks 15th for cryptocurrency ownership.
“Ireland may be below the global average for cryptocurrency ownership (19pc), but it’s well above countries like the US and the UK.”
The values of different cryptocurrencies have been subject to extreme volatility lately and periodic buying frenzies have been spurred by surges in the value of digital currencies.
At the weekend Bitcoin rose in value to $50,000.
It had hit €64,000 in April, before falling below $32,000 in July.
Wild swings in values have been prompted by thefts of millions of euro from cryptocurrency exchanges, moves to regulate the sector, and sudden speculative flows of money in and out of the market.
Moves in the US to bring in stringent crypto tax reporting requirements for its citizens, and the fact that Chinese regulators are cracking down on it, are also leading to volatility.
In May the Banking and Payments Federation Ireland (BPFI) warned about a rise in cryptocurrency investment scams.
Cryptocurrencies are digital assets designed to be a medium of exchange. Ownership is stored in a computerised database using strong cryptography. The supply of crypto is not controlled by central banks.
The growth of interest in this country in buying into cryptocurrencies comes despite warnings from the Central Bank of Ireland that the investment trend is akin to tulip mania. The head of the Bank of England has also cautioned that those who buy cryptocurrencies should be prepared to lose everything.
Governor of the Irish Central Bank Gabriel Makhlouf said he would not invest in the digital assets.