43% of the 1,500 Singaporean respondents to a recent study done by Independent Reserve, Singapore’s first licensed cryptocurrency exchange, indicated possessing some quantity of cryptocurrencies. A minor increase from the previous year, when the adoption rate was anticipated to be approximately 40%, to 43% during the bull run of 2021.
77% of Singaporeans have investments in two or more digital currencies. Diversifying their assets was their key investment objective.
In addition to the increased usage of cryptocurrencies in Singapore, there has also been a rise in understanding and awareness of the cryptocurrency business. 91% of Singaporean respondents to a survey conducted by Independent Reserve acknowledged being aware of crypto assets. 87% of respondents identified Bitcoin as the most well-known cryptocurrency, followed by Ethereum at 51%.
Some blockchains and initiatives have the ability to serve as real-world applications and use cases, according to the CEO of Independent Reserve, Lasanka Perera. He views this as a positive sign for the sector. He said:
The increasing popularity of altcoins indicates that more Singaporeans are becoming aware of cryptocurrencies other than Bitcoin. This is a positive indicator for the sector as more investors receive exposure to blockchains and initiatives with new utility and the potential to be broadly adopted for real-world applications and use cases.”
The survey also indicated that 54% of crypto-savvy Singaporeans entered the digital ecosystem in an effort to diversify their portfolios. Interestingly, the figure increased for investors who had participated in the ecosystem for over five years. Sixty-eight percent of Singaporeans with five or more years of experience cited portfolio diversification as their key motive. At 48%, becoming wealthy was the second-most-cited reason.
Half of those who entered the cryptocurrency market in the past 12 months were influenced by family, friends, or social media, according to a survey by Independent Reserve. This suggests that word-of-mouth and internet networks have a substantial impact on the adoption of cryptocurrencies in Singapore.
Although if last year’s market volatility had a short-term impact on investors’ confidence in digital assets, those Singaporeans who made long-term investments are pleased with their decisions. 72% of long-term cryptocurrency holders indicated that they would promote cryptocurrencies to friends and family.
78% of individuals who have participated in the ecosystem for longer than five years noticed an increase in the value of their digital assets. Yet, 40% of new investors with less than a year of experience experienced losses. This suggests that long-term investing in digit’ is prudent. According to a report by Independent Reserve, female participation in the bitcoin market has increased. In 2018, 37% of female respondents reported investing in cryptocurrency, an increase of 7% over 2017.
In terms of profitability, women have performed better than men, with 76% of female investors reporting profit or break-even compared to 72% of male investors.
48% of female respondents intend to invest more in the future.
This indicates an increasing interest and confidence among women in digital assets, which is a healthy trend for the diversity and inclusion of the sector as a whole.
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