The team at digital asset firm Gemini has released their Singapore market report, which reveals that the COVID-19 crisis led to two-thirds of investors in the Southeast Asian country to increase their cryptocurrency holdings.
As noted by Gemini:
“Today (August 14, 2021), we are excited to release the 2021 State of Crypto in Singapore report, which outlines crypto’s broadening appeal among current investors and the crypto-curious in Singapore.”
The report, prepared with assistance from personal finance community platform Seedly and crypto price-tracking site CoinMarketCap, reveals that the Coronavirus outbreak has “prompted more than two-thirds of current crypto holders to increase their investments in crypto.”
The survey further revealed that 67% of Singapore investors who own personal investment products “hold crypto as part of their portfolios.” The remaining 33% of those “not invested in crypto cited a lack of knowledge and understanding of digital assets as a barrier to investing,” the update from Gemini noted while adding that over 50% stated that crypto-asset markets are “too volatile” and nearly one-third (29%) said “they are unsure how to go about investing in cryptocurrency.”
The Gemini team also shared that crypto is “gaining in popularity among older age groups, with the survey indicating that 20% of crypto investors are over 35.”
Other results from the survey are as follows:
- 81% of crypto holders said that buying and holding crypto for the long-term investment potential is “the top reason to invest in crypto.” This is followed by 58% of crypto holders who “trade crypto to earn profits, and 43% who have used crypto deposits to earn interest.”
- Across the various cryptos, ether is “the most popular among crypto holders (78%), followed by bitcoin (69%) and Cardano (40%).”
- The median annual income of women crypto investors “is higher than that of men who own crypto, falling within the S$55,001 to S$75,000 annual income bracket, whereas male crypto investors’ median annual income falls within the S$45,001 to S$55,000 bracket.”
- The average age of a crypto holder “is 29 years old and 19% of the crypto holders are women.”
The State of Crypto in Singapore report provides a “promising” outlook for the future growth and adoption of crypto-assets, with key insights that can “help bring more people into this revolutionary asset class.” You may find out more about these findings by accessing the complete report here.
This latest report “underscores the increased crypto adoption across the globe as seen in our recent 2021 State of U.S. Crypto and State of UK Crypto reports,” the Gemini team noted.