Nearly four out of five Singaporean crypto owners own Ether. Next are Bitcoin, Cardano, and Binance Coin.
A new study on Singapore has shown that being a crypto-friendly nation has paid off in terms adoption.
“The State of Crypto in Singapore Report 2021,” conducted by crypto exchange Gemini in partnership with CoinMarketCap and Seedly, found that more than two-thirds of Singaporeans who have financial investments currently hold crypto.
This report, which surveyed 4,348 Singaporean adults who identified themselves as interested in investing and personal finance, found that 67% of respondents have crypto assets.
One in five crypto holders are women. However, the average Singaporean crypto holder is a 29-year-old male with an annual household income of approximately 51,968 Singapore Dollars ($38,456).
With 78% of crypto assets owned by Singaporean investors, Ether is the most popular. 69% of crypto owners own Bitcoin (BTC). Cardano (ADA), Binance Coin (BNB), and 31% respectively, follow the top two. According to the survey, one in four investors owns XRP or Tether (USDT).
According to the report, 67% of crypto owners invested more during the COVID-19 Pandemic to protect against inflation and invest their higher disposable incomes from lockdowns.
Non-crypto owners are discouraged from investing in crypto assets because they lack the knowledge and understanding. Other barriers that prevent investors from investing include the volatility of crypto markets, the high risk nature of crypto investments, and the absence of regulatory oversight.
Another study with a smaller sampling group recently revealed that 46% of Singaporeans plan to buy digital assets in the next 12 months. Singapore is a leading hub for cryptocurrency and blockchain in Asia Pacific thanks to its zero capital gains tax on crypto income.