Independent Reserve conducted a survey of investors in Singapore. 1,500 Singaporeans were interviewed for this study. The survey found that crypto adoption has increased in this region of Asia since 2022. It also suggests that 91% of Singaporeans are aware of the new asset class. Here are the results of the Independent Reserve survey.
43% of Singaporean investors own crypto
The crypto sector has evolved a lot in recent years in Singapore. The country has carried out several projects, one of the most recent being the integration of the Indian payment network UPI. Now, a survey reveals that crypto adoption in the region has recently reached 2021 levels. Indeed, it is currently estimated at 43% as in the 2021 bull cycle. of crypto adoption were at around 40% in the Asian country.
That said, of the 43% of the 1,500 Singaporeans surveyed, 77% own at least two different coins. Most HODLers explained that they invested in digital assets to diversify their portfolios. It was mainly investors with more than 5 years of experience who gave this reason. Then, the second most advanced reason to justify entering the sector is the lure of profit.
Furthermore, the Independent Reserve survey found that young Singaporeans are the most active in the crypto industry. The older generations are much less so. Also, the people with greater mastery of the sector are between 26 and 35 years old.
Altcoins are gaining traction in Singapore
According to the Independent Reserve survey, 87% of Singaporeans with knowledge of crypto know about bitcoin. In the same, these are 51% who claimed to know the second largest crypto, ether (ETH).
The CEO of Independent Reserve in Singapore said:The growing popularity of altcoins shows that more and more Singaporeans are becoming more familiar with cryptocurrencies other than bitcoin“.
“This is a promising sign for the industry as more investors are exposed to various types of blockchains and projects that have innovative utility and the potential for wider adoption for applications and use cases in the real world“said Lasanka Perera.
The Independent Reserve survey indicates that the number of women investing in crypto is on the rise. It turns out that there is a 7% increase in female investors compared to last year. Note that according to a study published earlier this year, women trust crypto more than men.
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