A new study about Singapore has revealed something very interesting. A joint study conducted by Gemini and CoinMarketCap and Seedly- The State of Crypto in Singapore Report 2021 shows that more than ⅔ of citizens who have financial investments are currently holding crypto.
The report has sampled 4348 adults in Singapore. These adults are having a self-identity and having an interest in investment products or personal finance. This study shows that at least 67% of respondents currently own crypto assets.
On the other hand, one in five crypto holders is a woman. This study is profiling the average of Singaporean crypto owners as “29-year-old male with an average annual household income of about 51,968 Singapore dollars ($38,456) a year.”
Regarding this spread of crypto assets held by investors, Ether is taking a clear lead by 78% as the most popular crypto. On the other hand, 69% of crypto holders own Bitcoin. 40% of people hold Cardano, and 31% use Binance Coin. One in four investors, on the other hand, hold XRP and Tether, according to this study.
The report is also revealing that the interest of people in crypto has increased partly due to the pandemic. 67% of crypto holders have invested during the pandemic either to increase their disposable incomes due to lockdown or to hedge against inflation.
On the other hand, a lack of understanding
is now deterring the non -crypto owners from investing in the asset class. The volatility of the crypto market is very risky. The lack of regulatory oversight is also creating a barrier in investments.
Another study shows that 46% of people in Singapore plan to buy digital assets in the coming 12 months. There is zero capital gains tax on the crypto income, which has helped Singapore to establish itself as a core place for crypto and blockchain in the Asian region.