Two thirds of young Singaporeans own cryptocurrencies: Survey

Singapore, a haven for crypto lovers

A recent survey shows that Singaporeans are heavy adopters of cryptocurrencies such as Bitcoin, especially the younger generation of which 66 per cent owns one crypto coin or another, according to market research firm Toluna.

Most Singaporeans are positive on cryptocurrencies, but it is the country’s younger population that is adopting digital coins at a large scale, mainly owing to the city-state’s pro-crypto regulation.

Toluna’s survey, which polled around 1,000 people, was conducted in May and was undertaken using the Independent Reserve Cryptocurrency Index, or IRCI, a research method that assesses the level of cryptocurrency acceptance in a country by the grade of its adoption, trust, awareness and confidence. 

Overall, 93 per cent of Singaporeans know of crypto

It showed 93 per cent of all Singaporeans had heard of crypto and 43 per cent owned it, with adoption being the highest among 26 to 45 year-olds. In this age bracket, 66 per cent of respondents said they owned some crypto. In comparison, in the US only six per cent of adults said they invested in Bitcoin, according to a recent Gallup poll.

The Singapore survey showed that 59 per cent believed crypto would reach mass adoption and half of the respondents were convinced that Bitcoin would be worth more than $367,000 by 2030, roughly 10 times what it’s worth right now.

In the debate around whether regulation of cryptocurrencies was a weak point for them, Singapore has shown how beneficial clear rules can be for crypto adoption, the survey said.

Digital currencies with “real-use” case

“As a key financial hub in Asia, Singapore has a high-level of cross-border transactions, which means digital currency provides a real use-case and potential benefits for its economy. This regulatory acceptance coupled with Singapore’s reputation as ASEAN’s fintech hub will make it a haven for cryptocurrency exchanges and startups over the next few years,” the report said.

Over the 12 months leading to May, 74 per cent of respondents that owned crypto said they had made money on their holdings. Bitcoin, the largest cryptocurrency by market value, has gained more than 200 per cent in a year.

Those in the 18 to 25 age group were twice as familiar with Ether, the second biggest coin by market cap and three to nine times more familiar with other alternative crypto as compared to the older age bracket.



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Singapore, a haven for crypto lovers A recent survey shows that Singaporeans are heavy adopters of cryptocurrencies such as Bitcoin, especially the younger generation of which 66 per cent owns one crypto coin or another, according to market research firm Toluna. Most Singaporeans are positive on cryptocurrencies, but it is the country's younger population that is adopting digital coins at a large scale, mainly owing to the city-state’s pro-crypto regulation. Toluna’s survey, which polled around 1,000 people, was conducted in May and was undertaken using the Independent Reserve Cryptocurrency Index, or IRCI, a research method that assesses the level of...

Singapore, a haven for crypto lovers

A recent survey shows that Singaporeans are heavy adopters of cryptocurrencies such as Bitcoin, especially the younger generation of which 66 per cent owns one crypto coin or another, according to market research firm Toluna.

Most Singaporeans are positive on cryptocurrencies, but it is the country’s younger population that is adopting digital coins at a large scale, mainly owing to the city-state’s pro-crypto regulation.

Toluna’s survey, which polled around 1,000 people, was conducted in May and was undertaken using the Independent Reserve Cryptocurrency Index, or IRCI, a research method that assesses the level of cryptocurrency acceptance in a country by the grade of its adoption, trust, awareness and confidence. 

Overall, 93 per cent of Singaporeans know of crypto

It showed 93 per cent of all Singaporeans had heard of crypto and 43 per cent owned it, with adoption being the highest among 26 to 45 year-olds. In this age bracket, 66 per cent of respondents said they owned some crypto. In comparison, in the US only six per cent of adults said they invested in Bitcoin, according to a recent Gallup poll.

The Singapore survey showed that 59 per cent believed crypto would reach mass adoption and half of the respondents were convinced that Bitcoin would be worth more than $367,000 by 2030, roughly 10 times what it’s worth right now.

In the debate around whether regulation of cryptocurrencies was a weak point for them, Singapore has shown how beneficial clear rules can be for crypto adoption, the survey said.

Digital currencies with “real-use” case

“As a key financial hub in Asia, Singapore has a high-level of cross-border transactions, which means digital currency provides a real use-case and potential benefits for its economy. This regulatory acceptance coupled with Singapore’s reputation as ASEAN’s fintech hub will make it a haven for cryptocurrency exchanges and startups over the next few years,” the report said.

Over the 12 months leading to May, 74 per cent of respondents that owned crypto said they had made money on their holdings. Bitcoin, the largest cryptocurrency by market value, has gained more than 200 per cent in a year.

Those in the 18 to 25 age group were twice as familiar with Ether, the second biggest coin by market cap and three to nine times more familiar with other alternative crypto as compared to the older age bracket.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

$
Personal Info

Donation Total: $10.00

 

 

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