Ethereum, the second-largest cryptocurrency by market cap is the most popular in Singapore, a survey published Monday revealed.
August 16, 2021, | AtoZ Markets – Cryptocurrencies have become a popular investment asset in Singapore, with Singaporeans buying Ethereum most often, according to a study by cryptocurrency exchange Gemini, Seedly platform, and CoinMarketCap website.
The researchers surveyed 4,348 Singaporeans between the ages of 18 and 65. The survey took place from June 29 to July 9 and it turned out that 67% of people who invest in various products own cryptocurrencies. Moreover, two-thirds of these investors admitted that the coronavirus pandemic pushed them to buy digital assets.
Most often, cryptocurrency is bought for a long time – 81% of respondents agreed with this statement. 58% of respondents said that sometimes they also make short-term speculative transactions, and 43% use cryptocurrencies in various profitable programs. Thus, often, one person stores cryptocurrencies, but does not refuse short-term transactions for part of the capital.
Researchers have also compiled an “average portrait of an investor in cryptocurrencies.” The typical digital asset owner is a 29-year-old man with an annual income of $ 38,300. However, only about 20% of cryptocurrency investors are over 35 years old. About the same percentage of women among investors.
Ethereum is the most popular crypto asset among Singaporeans
Ethereum turned out to be the most popular crypto asset among Singaporeans – it is in the portfolio of 78% of investors. BTC (69%) and ADA (40%) are also popular. Interestingly, women are more attracted to XRP and DOT coins, while men are more likely to have savings in USDT.
Among those who do not own cryptocurrencies, 34% of those surveyed plan to buy digital assets within a year. Most often, virtual currencies are avoided due to a lack of knowledge. Also, investments are abandoned due to excessive market volatility, asset riskiness, and lack of regulatory oversight.
“Cryptocurrencies are rapidly becoming a recognized investment asset, and we see an ever-increasing demand for knowledge about such investments. At the same time, interest is shown not only by young investors, but also by people of the older generation,” said Kenneth Lou, co-founder and CEO of Seedly.
According to the Independent Reserve cryptocurrency exchange, about 43% of adult Singaporeans own cryptocurrencies.
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