A recent survey indicates that a whopping 43% of Singaporeans own crypto and 46% plan on purchasing digital assets within the next 12 months.
The study conducted by the Independent Reserve Cryptocurrency Index (ICRI) polled 1000 individuals in 2021.
This is the first time ICRI has surveyed Singapore but the company has previously surveyed Australia in 2019 and 2020 showing a lower percentage of crypto ownership.
Adrian Przelozny, CEO of Independent Reserve, commented on the survey:
“Since we expanded our cryptocurrency exchange business to Singapore in 2020, we have been eager to understand how cryptocurrency is being perceived by the Singaporean public. With digital currency gaining momentum worldwide, Singapore continues to emerge as a key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies. The strong awareness and adoption of crypto among Singaporeans in the survey findings is probably a natural reflection of the country’s progressiveness and commitment to preparing for the future.”
ICRI states that in the 12 months leading up to March 2021, 74% of respondents who owned crypto said they had increased their wealth through their investments, while 7% reported a loss. Additionally, 40% of respondents invest more than S$100 per month into cryptocurrency, and 4% invest more than S$10,000 per month.
Of those who invested in cryptocurrency, 21% of those within the 36 – 45-year-old age bracket were likely to be investing S$1,001- S$10,000 per month compared to their younger counterparts aged 26 – 35, at only 12%.
Unsurprisingly, 59% of Singaporeans surveyed believe that crypto will reach mass-scale adoption. Those under the age of 45 were more positive about digital assets.
Half of all respondents believe that Bitcoin’s value will increase and be worth more than S$50,000 in 2030 an amount that Bitcoin already tops. About 13% of those under 45 believe Bitcoin will be valued at more than S$250,000 by 2030 compared to 4.8% of respondents aged over 45.