As online banking and cryptocurrency become more popular across the globe, more people are investing in cryptocurrencies such as Bitcoin and Dogecoin. Some countries are all for crypto, while some are not.
The 2021 Crypto-Ready Index by Crypto Head ranks Ireland in 6th place. The rankings are all data-driven. Crypto Head analyzed the number of crypto ATM’s in the country as well as how accessible they are for the general public. In addition, they looked at the countries’ respective government’s legal stances on crypto ownership as well as whether or not they can be used in banks. The final piece of their analysis is looking at interest in cryptocurrencies, so they looked into the number of online searches and the increase in them recently. Through a combination of all of this information, they were able to put together a list of the 76 countries.
The top 10 countries are as follows: The United States, Cyprus, Singapore, Hong Kong, United Kingdom, Ireland, Slovenia, Australia, Germany, and Canada. Being one of the three European countries to make this list is very telling — Ireland is doing great things for fintech in Europe.
Ireland saw 24,189 online searches for crypto per 100,000 people in the last year, that being a 140.3% increase in searches. The country has 35 crypto ATMs that serve 142,211 people per ATM within a 775 square mile. The country does allow for crypto ownership and use, leading them to receive a score of 6.05/10.
Scoring the spot as #1 Crypto-ready country is the United States with a score of 7.13/10. The United States is much farther ahead than the rest of the countries in terms of the number of crypto ATMs in the country. With 17,436 crypto ATMs, they are over 16,000 ahead of the country with the second-highest number. The US allows crypto ownership and uses in banks giving them a competitive edge against some of the others. The annual number of crypto searches per 100,000 people is 14,796, annually increasing 140%.
Another great accomplishment for Ireland is Dublin being named in the Top 10 Fintech Hubs Worldwide in 2020, a list that they did not make back in 2018. Ireland is known to have great accomplishments in regards to fintech throughout the Covid-19 pandemic. If the country can improve significantly with a pandemic, the possibilities of what they can do following are endless.
Looking into the future, will Ireland be a top financial centre by 2025?