More than a third of Singaporeans who don’t hold any cryptocurrencies plan to invest in digital assets in the next year.
Ether is the most popular cryptocurrency in Singapore, a survey published Monday found.
- Almost four-fifths of crypto investors, 78%, hold ether compared with 69% who own bitcoin, according to a survey by crypto exchange Gemini, finance platform Seedly, and information provider CoinMarketCap. Cardano came third at 40%.
- The survey of over 4,000 adults conducted June 29-July 9 also found that 67% of respondents with personal investments have crypto in their portfolio, and two-thirds of the crypto holders increased their digital-asset holdings during the pandemic.
- Of those who haven’t invested in crypto, more than two-thirds cited lack of knowledge. Perceived market volatility also played a part in the decision.
- Still, 34% of respondents who don’t own crypto said they plan to enter the market within the next 12 months
- The most interesting aspect of crypto to all responders was decentralized finance, followed by crypto as an inflation hedge and non-fungible tokens.
- Around 80% of crypto owners in Singapore are men and under 34, the survey found.
- Women who own crypto have a higher median income than their male counterparts.
- While 64% of all crypto holders have more than 5% of their portfolio in digital assets, a full fifth of those aged 18-24 said more than half of their investments are in crypto.
- Singapore is emerging as Asia’s crypto hub, in part due to favorable regulation.