Singapore is a city-state in Southeast Asia. As per a poll sponsored by Independent Reserve, cryptocurrency is receiving attention and acceptability among Singaporeans.
This is one of the results of the first 2021 Independent Reserve Cryptocurrency Index (ICRI) Singapore, which surveyed 1,000 Singaporeans from the end of February to the beginning of March 2021, according to a notice released on Monday (26 July).
Approximately 43% of Singaporeans polled held bitcoin, with those aged 26 to 45 having the highest ownership percentage at 66%. This contrasts to a rate of 29% across all other age categories. In terms of gender, 35% of female participants hold bitcoin, opposed to 51% of male participants.
“The strong awareness and adoption of cryptocurrency among Singaporeans in the survey findings is probably a natural reflection of the country’s progressiveness and commitment to preparing for the future,” stated Adrian Przelozny, CEO of Independent Reserve, a digital asset exchange with operations in Singapore. According to the study, 46% of participants expect to acquire cryptocurrencies in the next 12 months, with those under 45 being twice as likely to do so.
Having digital currency gain traction throughout the world, Singapore has emerged as a significant Asian center owing to its solid and very well banking industry architecture, as well as its exposure to new technology, according to Przelozny.
Only 7% of those polled believe Bitcoin is a fraud. According to the findings, nearly four out of ten Singaporeans regard Bitcoin as an asset class. Overall, 59% of Singaporeans questioned anticipate that bitcoin would be widely used. Younger Singaporeans are more inclined than older Singaporeans to anticipate that bitcoin will become generally accepted in the future.
Approximately 76% of those aged 26 to 35 believe cryptocurrency will be widely embraced by companies and individuals. This compared to 44% for individuals over the age of 46. Overall, poll participants’ knowledge of cryptocurrency rose consistently as their earnings climbed. To put it another way, the more wealthy you are, the more likely you are to have heard about Bitcoin. According to the study, one in every five Singaporeans wanted to acquire cryptocurrencies in 2020 but did not do so due to the direct impact of or ambiguity around COVID-19.
Nevertheless, the majority of Singaporeans appear to be enthusiastic about the possibilities of embracing cryptocurrencies.
Approximately 40% of participants spent more than S$100 per month in cryptocurrencies, with 4% investing more than S$10,000 per month.
Singapore received a score of 63 out of 100 on the index, indicating the country’s productive and happy stance toward cryptocurrencies, contrasted to Australia’s score of 47 in the 2020 study. The distinction may emphasize Singapore’s central role in the region as a pioneer in innovative financial products.
“While the survey showed that Singaporeans are receptive to adopting cryptocurrencies either as an investment or as a store of value, we strongly encourage all potential investors to fully understand the risks involved before trading,” Przelozny added.