Singapore is among the countries that welcome the development of the unlimited crypto industry. In the State of Crypto report on the country for 2021, the pattern of crypto investment among young to veteran investors showed healthy growth.
For the record, the study involved 4,348 adult individuals, ranging in age from 18 to 65 years.
67% of respondents who made financial investments also included crypto investments in their portfolios. While 2/3 of the respondents revealed the COVID-19 pandemic has increased their interest in crypto investments.
81% of respondents are confident in crypto investment because they are confident of its price potential for the long term. 58% of respondents only invest for short -term profits, and 43% of respondents use cryptocurrency deposits to earn interest.
The majority of crypto investors in Singapore are young: 2,862 respondents. According to the report, the average age for current crypto investors is a 29-year-old adult male with an average annual household income of around S $ 51,968 (RM162,445). Meanwhile, only 1 in 5 crypto investors is 35 years old or older.
Based on gender, only 1 in 5 crypto investors are women. Although women cryptocurrency investors generally generate higher incomes than men, they only own a small number of cryptocurrencies than men.
64% of respondents revealed over 5% of their investment portfolio is in crypto. 1 in 5 respondents in the age group of 18 to 24 years old have over 50% investment in crypto.
As many as 34% of non -crypto investor respondents want to make a crypto purchase in the next 12 months. The main factor constraining them in these investments is because they are not exposed to the understanding of crypto, other than the volatility of the price of crypto, its risks, and lack of regulatory oversight and protection of investments.
Overall, Ethereum (ETH) is the number one crypto asset in Singapore with its total investors of 78%, followed by Bitcoin (BTC, 69%), and Cardano (ADA, 40%).
The study found that the majority of women are more comfortable investing in XRP and Polkadot (DOT), compared to the more popular Tether (USDT) crypto assets men.
