Some 67% of personal investors in the country currently hold cryptocurrencies, with 78% owning Ethereum while 69% have Bitcoin, and 67% say the COVID-19 pandemic promoted them to invest more.
Fuelled by the COVID-19 pandemic,67% of personal investors in Singapore say they have expanded their cryptocurrency portfolio, which is more likely to include Ethereum. Some 33% in the country, though, have yet to invest in cryptocurrency, with more than half citing a lack of knowledge as the key reason. Amongst those who held cryptocurrencies,78% said they owned Ethereum while 69% had Bitcoin and 40% carried Cardano, according a survey released Monday that polled 4,348 respondents in Singapore, including 2,862 who said their investment portfolio currently included cryptocurrencies. The study was conducted by cryptocurrency platform Gemini, financial platform Seedly, and cryptocurrency price-monitoring site CoinMarketCap. Respondents were aged between 18 and 65, with an average household income of SG$$51,968 ($38,467). Half of those who owned cryptocurrencies 25 to 34 years old, while 19.8% were 35 and above. Some 67% of respondents who owned personal investment products said they had cryptocurrency in their portfolio. Amongst the remaining 33% who did not,69% pointed to a lack of knowledge and understanding of digital assets as a barrier. Another 52% cited the market’s volatility as an obstacle, while 29% said they were uncertain how to invest in cryptocurrencies. However,34% said they planned to purchase their first cryptocurrency in the next year. Some 76.2% would do so if the price was attractive, while 58.6% would buy cryptocurrency if it provided better investor protection. The majority of those who had invested in cryptocurrency, at 81%, said they did so as a long-term investment. Another 58% said they traded cryptocurrencies for profits and 43% tapped such deposits for interest gains. Across all respondents,59% expressed interest in cryptocurrency investment as a form of decentralised finance, while 41% were keen on its potential for hedging against inflation.
