Singaporean financial investors prefer Ethereum to Bitcoin
A new study shows that Ether (ETH) is more popular than Bitcoin (BTC) in Singapore, a country known for being crypto-friendly.
Nearly four out of five crypto holders in Singapore own Ether, followed by Bitcoin, Cardano (ADA) and Binance Coin (BNB).
The “State of Cryptocurrency in Singapore 2021 Report,” conducted by crypto exchange Gemini in partnership with CoinMarketCap and Seedly, found that more than two-thirds of Singaporeans, who are financially invested currently hold cryptocurrencies.
The report, which involved 4,348 adults in Singapore with an interest in personal finance and investment products, found that 67% of respondents said they own cryptocurrency.
Although a fifth of crypto holders are women, this study states that the average crypto holder in Singapore is “a 29-year-old male with a median annual household income of approximately $51,968.” Singapore dollars (US$38,456) per year”.
Regarding the allocation of capital into cryptocurrencies by Singapore investors, Ether, the native token of the Ethereum blockchain, leads the way with 78% being the most popular cryptocurrency, while 69% of crypto holders own Bitcoin. . Cardano (ADA) and Binance Coin (BNB) follow at 40% and 31%, respectively. One in four investors hold XRP and Tether (USDT), according to the survey.
According to the report, investor interest in cryptocurrencies increased in part due to the COVID-19 pandemic, as 67% of survey respondents invested more during the pandemic to hedge against inflation or earn extra income due to the country’s lockdown.
On the other hand, lack of knowledge and understanding is the leading factor preventing other owners from investing in this asset class. The volatility of the cryptocurrency market, the risky nature of crypto investments, and the lack of regulation are also noted as barriers to entry.
Another survey with a smaller group of people found that 46% of Singaporeans plan to buy crypto in the next 12 months. Singapore is a tax-free country on crypto income, which makes it seen as a hub for crypto and blockchain in the Asia Pacific region.