- Almost eight in ten Singaporean crypto holders own Ether, followed by Bitcoin, Cardano, and Binance Coin.
- COVID-19 pandemic drove people to invest more in cryptocurrencies.
- Most investors in Singapore are looking to buy and hold cryptocurrencies.
According to “The State of Crypto in Singapore Report 2021,” research conducted by crypto exchange Gemini, in collaboration with CoinMarketCap and Seedly, found that more than 60% of Singaporeans have invested in cryptocurrencies.
Out of 4,348 adult respondents with interests in finance and investments products, 67% currently own crypto assets. The average crypto holder is a 29-year-old male with an average annual household income of about 51,968 Singapore dollars ($38,456) a year. The report further discloses that 20% of the crypto holders were female.
When asked regarding the preferred crypto investment, it was found that Ethereum (ETH) was the most popular cryptocurrency among Singaporean crypto investors, with 78% of crypto holders in the country owning it. Bitcoin (69%), Cardano (40%), and Binance Coin (31%) were the other most popular cryptocurrencies among Singaporeans. Interestingly, the survey also shows that one in four crypto investors hold XRP and Tether (USDT).
Furthermore, the report also revealed that the COVID-19 pandemic helped raise people’s interests in crypto, with 67% of Singaporeans investing in crypto during the pandemic as a measure to curtail inflation. However, despite a bullish outlook, the lack of knowledge and understanding deters more than 68% of non-crypto holders from investing.
What do These Research Findings Suggest?
The key insights found in the study report all point to the fact that in Singapore, cryptocurrency is increasingly finding demand among both existing and potential investors; however, some barriers to investment remain. Given the relatively young, digital-first nature of crypto, it is not shocking to still witness demographics moving towards younger investors.
But, as the crypto industry gains maturity, we will begin to witness a tangible shift towards mainstream acceptance, as evident by the considerable growth in the number of mature investors who have started to see crypto as a viable long-term investment.
From the crypto industry standpoint, a lot has to be done. The industry should help both crypto and non-crypto holders to better connect with the crypto investment channels. Particularly among non-crypto holders, crypto education will be the key to tackle the knowledge gap to ensure that cryptocurrency is accessible to all in Singapore.