A recent survey has revealed that 35% of the population in Singapore own bitcoin.
The survey, carried out by Independent Reserve, is titled Independent Reserve Cryptocurrency Index (IRCI) Singapore – 2021, and reveals that 43% of respondents said they own cryptocurrencies, with 82% of these saying they own BTC, followed by 49% who said they own Ethereum (ETH), 30% Litecoin (LTC), 24% XRP, 15% Chainlink (LINK) and only 9% said they own other cryptocurrencies.
The survey looked at different nations’ awareness, adoption, and trust regarding cryptocurrencies, with Singapore scoring a decent 63 out of 100.
For example, Australia stopped at 47, so Singapore’s result is definitely interesting.
93% of Singaporeans surveyed said they were aware of the existence of cryptocurrencies, with bitcoin acknowledged by 90% of respondents.
74% of cryptocurrency holders also said they were in profit.
Nearly 40% of respondents believe bitcoin is an investment asset, which is more than three times those who believe it is a currency, while only 7% believe it is a scam.
Furthermore, 21% of those who wanted to buy cryptocurrencies in 2020, but then did not, said their decision was influenced by the economic fallout of the COVID-19 crisis.
As for future predictions, among those under 45, 32% believe that by 2030 the price of bitcoin will not exceed $50,000, while 30% believe it will exceed $100,000, and 28% believe it will be between $50,000 and $100,000. Only 10% believe it will go to zero.
On the other hand, those over 45 are less optimistic, with 35% believing it will not exceed $50,000, 25% believing it will be between $50,000 and $100,000, another 25% believing it will go to zero, and only 15% believing it will exceed $100,000.
This confirms that it is mainly the younger generation that is more confident in bitcoin.
Singapore and the crypto sector
Singapore is an important country for the crypto sector in Asia, as China is increasingly banning cryptocurrency transactions, and this also affects Hong Kong’s financial centre. Many Chinese are in fact using Singaporean, or Korean, platforms, and this greatly helps the growth of the crypto sector in the city-state which is the fourth largest financial centre in the world.