As per a survey conducted by Gemini, Seedly, and CoinMarketCap, over 67% of investors in Singapore own some form of cryptocurrency in their portfolio.
And the most popular cryptocurrency among those invested is Ethereum, followed by Bitcoin and Cardano. However, the survey also revealed that people who haven’t invested cited lack of knowledge for pursuing this course as a barrier. Here are more details that came out of the survey.
Raising Cryptocurrency Interest in Singapore
Though the world governments are warning citizens on investments into cryptocurrencies, people are holding to their guts and continue pouring money into all types of cryptocurrencies.
One among them is Singapore, the small country where two-thirds of citizens have investments in cryptocurrencies.
As per a survey made by Gemini (a cryptocurrency platform, Seedly (a financial platform), and CoinMarketCap (a cryptocurrency price-monitoring site), over 67% of Singaporeans own some form of cryptocurrency, while the rest 33% have various reasons for not entering into the field.
Among the invested, over 78% of investors own Ethereum, followed by Bitcoin (69%) and Cardano (40%). About 69% of those who haven’t invested cited a lack of understanding the cryptocurrencies as a barrier. In comparison, 52% said the market’s volatility was an obstacle, and 29% said they were unclear about investing in these digital assets.
Still, over 34% of them are planning to purchase their first cryptocurrency by next year, with 76.2% would do so if the price was attractive and 58.6% will buy cryptocurrencies if they’re provided better investor protection.
While choosing a cryptocurrency exchange, 55% said security was their choice of selection. In comparison, 20% said the exchange’s fees were a deciding factor, and 23% considered a regulated exchange or platform a key point.
The survey was conducted among personal investors aged 18-65, with an average income of SG$$51,968 ($38,467). Participants include 4,348, with 2,862 of them having their investment portfolio included some form of cryptocurrency.