Over 40% of Singaporeans Own Crypto: Survey
• 43% of Singaporeans own some amount of cryptocurrencies, according to a recent survey by Independent Reserve.
• 91% of respondents said that they are aware of cryptocurrency, with Bitcoin being the most recognized at 87%.
• The main reason for investing in crypto is diversifying portfolios (54%), followed by getting rich (48%).
Crypto Adoption in Singapore Surges
A survey conducted by Independent Reserve revealed that 43% of 1,500 respondents from Singapore own some amount of cryptocurrencies. This figure is higher than last year’s 40%, and even higher than 2021’s levels during the bull run. Furthermore, 77% of those who hold digital assets have two or more types in their portfolios.
Increased Crypto Knowledge
The survey also found that 91% of Singaporeans are aware of cryptocurrencies – an indication that knowledge about crypto has increased over time. Bitcoin was the most recognized with 87%, followed by Ethereum at 51%. Lasanka Perera, CEO of Independent Reserve Singapore, believes this indicates a promising sign for the industry as investors gain exposure to various blockchains and projects.
Reason for Investment
Diversifying portfolios was cited as the primary reason for investing in crypto (54%), with 68% being attributed to those who have had 5+ years experience in trading digital assets. Getting rich came second at 48%. Half of the people surveyed said they jumped on board during the bull run while others chose to invest due to curiosity or personal interest.
The survey results show that cryptocurrency adoption has grown significantly in Singapore over the past few years. With increased knowledge and understanding, investors are gaining exposure to blockchains and projects which could potentially be adopted more widely for real-world applications and use cases – creating a promising outlook for the future.
The data collected from this survey clearly demonstrates how much cryptocurrency adoption has grown over time in Singapore – indicating a positive trend despite some market volatility throughout 2020/2021. Increased awareness and understanding have allowed investors to diversify their portfolios and capitalize on potential use cases within different blockchain networks – making it easier for them to get involved in this new asset class.