Singapore, being a crypto-friendly country, has paid off in terms of adoption by investors and mainstream merchants accepting cryptocurrencies as payment options.
People’s interest in crypto grew partly as a result of the COVID-19 pandemic, according to the survey, with 67 percent of crypto holders investing more during the pandemic to hedge against inflation or spend their higher discretionary earnings as a result of lockdowns.
Ether is owned by nearly four out of every five Singaporean crypto investors, followed by Bitcoin, Cardano, and Binance Coin according to a new report.
According to “The State of Crypto in Singapore Report 2021,” conducted by cryptocurrency exchange Gemini in collaboration with CoinMarketCap and Seedly, more than two-thirds of Singaporeans with financial investments now own crypto.
According to the survey, which included 4,348 Singapore-based persons who self-identify as possessing or being interested in personal finance and financial goods, 67 percent of those polled presently own crypto assets.
Despite the fact that 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) a year,” according to the report.
When it comes to the distribution of crypto assets owned by Singaporean investors, Ether (ETH), the native cryptocurrency of the Ethereum blockchain, has a commanding lead with 78 percent, while Bitcoin is held by 69 percent (BTC). At 40% and 31%, respectively, Cardano (ADA) and Binance Coin (BNB) follow the top two. According to the report, one out of every four investors owns XRP and USDT.