Singapore: Cryptocurrency adoption in Singapore has reached higher levels since 2021. The rise of the digital world has taken almost every sector to the next level. A cryptocurrency is a digital currency where business people and many other professionals want to invest and play.
The survey shows 43% of the 1,500 Singaporean respondents own some cryptocurrency.
In comparison, last year’s research showed that the figure was around 40%, whereas the adoption levels were 43% in 2021.
According to the analysis, 77% of the holders said they own two or more digital assets, with diversifying portfolios as the main reason behind the investment.
The New Trend
In addition to the explosive adoption of cryptocurrencies, Singaporeans have demonstrated increased knowledge, with 91% claiming to be familiar with the asset class.
Ethereum is ranked second with 51% recognition, while Bitcoin is the most well-known with 87%.
“The rising popularity of altcoins shows that more Singaporeans are gaining more awareness about other cryptocurrencies apart from Bitcoin.
This a promising sign for the industry as more investors gain exposure to various types of blockchains and projects with innovative utility and potential to select more widely for real-world applications and use-cases, ” said the CEO of Independent Reserve Singapore.
According to the survey, people who jumped into cryptocurrency are influenced by peers, family, friends, or social media. However, diversifying portfolios is always the primary reason behind entering the ecosystem.
Youngsters are more interested in the industry than the older generation. People in the age group from 26 to 35 have the best knowledge in the field.
Mainly Long-Term Holders Have Registered Profits
Short-term confidence in cryptocurrencies has been impacted by the turbulent 2022. Despite this, 72% of holders said they would like friends and family to invest in digital assets.
78% of people active in the ecosystem for more than five years noticed an increase in their cryptocurrency’s value.
Whereas 40% of those who began investing less than a year ago had experienced losses.
Female Investors Are In The Rise
According to the Independent Reserve Department, 37% of the female participants have invested in cryptocurrencies,7% from the last year’s figure.
Women are equally crucial in playing and outperforming men in gaining profit 76% of women have admitted that they have made some money. In contrast, 72% of males also confirmed the same.
On the other hand, a quarter of females have distributed over 20% of their wealth over overtime the amount and planning to invest 48% more shortly.
Higher Income Fuels Greater Investment
As per the research, the investment amount depends totally on people’s income. Just 8% of Singaporean investors earn up to $4,999/month, allocating $1,000 or more monthly to crypto.
In contrast, 53% of people with salaries over $10,000 distributes $1K monthly.
The research says that “higher income earners are likely to allocate more of their investment portfolio towards cryptocurrency. Overall, the higher income groups say their cryptocurrency investments have made money, or they broke it.
The S$7,000 to S$9,000 income segment, which allocated the highest portion of their investment portfolio towards cryptocurrency, has 67% claiming to have made a profit.
They are also the segment that is the most confident about the long-term viability of the cryptocurrency market”.