A report from one of the largest cryptocurrency exchanges, Gemini, conducted in partnership with CoinMarketCap and Seedly, showed that four out of five holders of digital currencies residing in Singapore choose Ethereum.
The document, dubbed the Singapore Cryptocurrency Status Report 2021, states that Bitcoin is not a favorite among Singaporeans. First on the leaderboard is Ethereum (ETH), followed by Bitcoin (BTC), followed by Cardano (ADA), and Binance Coin (BNB).
To obtain such data, over 4,348 residents were interviewed who expressed their interest in investing in various cryptocurrencies and traditional financial products. 67% of those surveyed said they are holders of digital currencies. Of these, 78% are the owners of Ethereum tokens, 69% are bitcoin holders. At the same time, 40% of respondents keep tokens of the Cardano project in their crypto accounts, and Binance Coin 31%. One in four investors also owns Ripple (XRP) and Tether (USDT) stablecoins.
34% of those surveyed who do not yet own cryptocurrencies said they intend to purchase at least one of them within the next year. The main factor stopping them from wanting to invest in digital currencies was a lack of knowledge about this industry and asset volatility, which became the main arguments against the adoption of cryptocurrencies by global regulators.
According to statistics, every fifth owner of a cryptocurrency is a woman. At the same time, the average holder's portrait is “29 years or even older man with an average income of over 51,960 Singapore dollars”, equivalent to 38,307 US dollars. In part, interest, according to the survey, has grown significantly due to COVID-19, as many have used cryptocurrencies as a defense against inflation.
Another study conducted earlier showed that 46% of Singaporeans intend to invest in a new asset class in the coming year. This indicates a growing interest in the industry from those looking for a reliable source of passive income. On the other hand, given that Singapore has become the hub of cryptography in the Asia-Pacific region, such results are not surprising.