adoption Cryptocurrency It is growing rapidly in Singapore. Meanwhile, more Singaporean investors own Ethereum (ETH) And Bitcoin (BTC). This is clear again Research From cryptocurrency exchange Gemini in partnership with CoinMarketCap and Singaporean platform Seedly.
4,248 respondents were surveyed with financial investments between June 29 and July 9. At least 2,862 respondents, or 67%, had crypto. Most cryptocurrency investors own ether, with 2,236 respondents, or 78%. This is followed by Bitcoin at 69% and Cardano (ADA) It ranks third with 40%. Followed by binance coin (BNB) (31%), Ripple (XRP) (25%) rope (USDT) (25%) polkadot (DOT) (22%) en chainlink (LINK) (18%).
The survey reported that more than two-thirds of respondents have increased their holdings in cryptocurrency due to the pandemic. For the remaining 33% who do not invest in cryptocurrency, a lack of knowledge and understanding about digital assets is cited as the biggest obstacle.
In addition, 50% find the market to be “very choppy” and 29% do not know how to invest in cryptocurrencies. However, 34% of respondents who do not yet own cryptocurrency said they plan to invest sometime in the next 12 months.
81% of respondents who own digital currencies say that buying and holding cryptocurrencies with long-term potential is the main reason to invest. This is followed by 58% of cryptocurrency investors trading cryptocurrency for profit, and 43% using crypto deposits to earn interest.
Just under 80% of respondents with crypto are male and just over 80% are under the age of 34. It is estimated that the average cryptocurrency investor in Singapore is 29 years old with an income of S$52,000 annually. On average, women who invest in cryptocurrency earn more than male cryptocurrency investors.
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