Results of a recent survey conducted on a sample of 1,000 Singapore residents show that 43% of Singaporeans hold some form of cryptocurrency
This percentage stands at 61% when only considering adults below the age of 45. The distribution of crypto acceptance by gender showed that 51% of male respondents owned crypto compared with 35% of female respondents. The younger age group of participants – between 26 and 45 – had the highest rate of adoption of cryptocurrencies, with 66% of them owning crypto compared with 29% among other age groups.
In terms of awareness, 93% of participants indicated that they had at least heard of crypto, 90% of them having heard of Bitcoin. Out of these respondents, 57% had a preferred crypto coin, and 45% favoured Bitcoin. What users thought of Bitcoin varied, with 25% considering it a store of value, and 40% an investment asset.
Citizens’ trust and belief in crypto was also studied, with 7% of the respondents maintaining that Bitcoin was a scam. The study found that three in every five Singaporeans had confidence that Bitcoin would grow to achieve large-scale adoption. Three quarters of participants revealed that they had seen growth in wealth resulting from crypto ownership. Meanwhile, 7% of participants said they had made a loss from crypto.
The report further highlighted the significant impact of COVID-19, with 21% of users who planned to buy crypto last year, attributing the failure to do so to the pandemic or the uncertainty it brought. The research identified Singapore as a key financial hub in Asia, and the growth seen in the crypto sector was courtesy of the friendly regulatory environment supporting the use and adoption of crypto. The Payment Service Act was cited as a massive contributor to the revolution of crypto licensing and regulations.