Since the invention of Bitcoin in 2009, it is estimated that over 100m people worldwide have invested in cryptocurrencies.
The rise of Bitcoin use and awareness on social media has also risen steadily, with some of the world’s most famous CEOs investing up to 1bn US dollars in the currency. But how has the rise of crypto currency evolved in Northern Ireland throughout the years?
Johnny McCamley is only 22 years old, but is already the CEO of a growing cryptocurrency start-up.
CryptoClear is his membership-based service which aims to give service users the knowledge to become confident and successful long term investor in the Crypto Asset market.
McCamley stated that he first gained an interest in the service through his cousin, who had been investing Bitcoin for a number of years, and showed him how to invest Bitcoin himself through an ATM. Then aged 17, his interest in the service grew steadily due to the fact the money eventually grew in value.
But do you need a financial head to understand it? McCamley said, "I think anybody could understand it. It’s not necessarily hard to understand the terminology, however there are new terms coming out every day."
McCamley did suggest that for people just starting out with investing cryptocurrency, it is necessary to spend a significant amount of time doing research, to ensure you fully understand what you are doing.
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He did not initially intend to get into a financial career. The Belfast entrepreneur graduated with a law degree in 2019, but quickly decided it was not the career path for him, and decided to begin a career in cryptocurrency as he was now knowledgeable and skilled in the industry.
Cryptocurrencies aren’t only targeted at younger audiences, like McCamley either. Although they are most commonly used by millennials, older generations getting involved in the trend are also on the rise.
For example, a survey from financial advisory group deVere found 70% of its clients aged over 55 had already invested in digital currencies, or were planning to do so, in 2021, despite bitcoin and others being strongly associated with younger, millennial investors.
The rise of cryptocurrency follows the rise of digital payments in society that is becoming increasingly 'cashless'.
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For example, in 2019 Belfast City Counil announced its support for “Belfast Coin” through Colu, a blockchain-based payments app that is "championing localised economies by creating currencies that work in specific areas".
The platform encourages residents to spend money and contribute to the local economy.
However, the cryptocurrency market still hasn’t hit its peak; not only in Northern Ireland but worldwide.
Johnny estimates there will be a substantial rise in the use of cryptocurrencies in the next couple of years, and it will continue to thrive in the near future.
Therefore it might not be necessary for businesses in Northern Ireland and the rest of the UK to implement changes to their policies just yet, but they may wish to keep it in mind for the future.
To learn more about Crypto Clear, click here.
