According to The State of Crypto in Singapore Report 2021 performed by cryptocurrency exchange Gemini in collaboration with CoinMarketCap and Seedly, more than two-thirds of Singaporeans with financial investments presently hold crypto.
According to the report, which polled 4,348 Singapore-based persons who self-identify as possessing or being interested in personal finance and investing goods, 67 percent now own crypto assets.
While one in every five crypto holders is a woman, the average Singaporean crypto holder is a “29-year-old male with an average annual household income of roughly 51,968 Singapore dollars ($38,456) per year,” according to the report.While one in every five crypto holders is a woman, the average Singaporean crypto holder is a “29-year-old male with an average annual household income of roughly 51,968 Singapore dollars ($38,456) per year,” according to the report.
In terms of the distribution of crypto assets owned by Singaporean investors, Ether (ETH), the native cryptocurrency of the Ethereum blockchain, holds a commanding lead with 78 percent, while Bitcoin is held by 69 percent (BTC). Cardano (ADA) and Binance Coin (BNB) trail the top two with 40% and 31%, respectively. According to the report, one in every four investors owns XRP and Tether (USDT).
According to the survey, the COVID-19 pandemic increased people’s interest in crypto, as 67 percent of crypto holders invested more during the pandemic to hedge against inflation or invest their increased discretionary money owing to lockdowns.
Non-crypto owners, on the other hand, are discouraged from investing in the assets class due to a lack of information and understanding. The volatility of cryptocurrency markets, the risky nature of crypto investments, and a lack of governmental control were also mentioned as hurdles to investing.
Another study with a smaller sample size recently indicated that 46% of Singaporeans intend to purchase digital assets in the next 12 months. Singapore has established itself as an Asia Pacific crypto and blockchain powerhouse due to its zero capital gains tax on cryptocurrency revenue.