Owners of cryptocurrencies in Singapore are more likely to have Ether than Bitcoin

• According to a poll released on Monday, Ether is the most popular cryptocurrency in Singapore
• More than two-thirds of people who haven’t invested in crypto cite a lack of understanding as to the reason. The decision was also influenced by the perception of market instability
• While 64 percent of all crypto investors have more than 5% of their portfolio in digital assets, one-fifth of those aged 18-24 have more than half of their investments in digital assets

According to a poll released on Monday, Ether is the most popular cryptocurrency in Singapore. According to a poll conducted by crypto exchange Gemini, finance platform Seedly, and information source CoinMarketCap, over four-fifths of crypto investors (78%) own ether, compared to 69 percent who own bitcoin. Cardano came in third place with 40% of the vote. 7 percent of respondents with personal investments had crypto in their portfolio, and two-thirds of crypto investors boosted their digital-asset holdings during the epidemic, according to the poll of nearly 4,000 individuals conducted June 29-July 9.

More than two-thirds of people who haven’t invested in crypto cite a lack of understanding as to the reason. The decision was also influenced by the perception of market instability. Despite this, 34% of those who don’t hold cryptocurrency indicated they want to do so in the next 12 months. 

Decentralized finance was the most intriguing element of crypto for all respondents, followed by crypto as an inflation hedge and non-fungible tokens. According to the report, about 80% of crypto owners in Singapore are men under the age of 34. The median income of women who hold cryptocurrency is greater than that of males.

While 64 percent of all crypto investors have more than 5% of their portfolio in digital assets, one-fifth of those aged 18-24 have more than half of their investments in digital assets. Because of its advantageous regulatory environment, Singapore is quickly becoming Asia’s crypto center. According to the inaugural 2021 Independent Reserve Cryptocurrency Index, or IRCI, a survey conducted by Asia-Pacific cryptocurrency exchange Independent Reserve, cryptocurrency adoption is growing in Singapore, particularly among younger generations looking to capitalize on the generational wealth potential of Bitcoin (BTC) and other digital assets. 

Ritika Sharma

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.