According to “The State of Crypto in Singapore Report 2021,” a study conducted by Gemini in collaboration with Seedly and CoinMarketCap, Ethereum is the most popular crypto asset, followed by Bitcoin, Cardano (ADA), and Binance Coin (BNB).
The study’s findings also underscored the fact that Singapore is a crypto-friendly country, thanks to policies such as the zero capital gains tax on crypto income. From the sample of 4,348 self-proclaimed investment enthusiasts involved in the study, 67% said they currently hold crypto assets.
A similar but smaller study found out that 46% of people in Singapore planned to buy crypto assets within the next year.
The Gemini study found out that 20% of crypto holders in Singapore are women. The study identified the typical Singaporean digital assets investor as a “29-year-old male with an average annual household income of about 51,968 Singapore dollars ($38,456) a year.”
In terms of the popularity of crypto investment, Ethereum (ETH) took an undisputable 78% lead, followed by Bitcoin (BTC) at 69%. Following the top two coins are Cardano (ADA) at 40% and Binance Coin (BNB) at 31%. Ripple’s XRP and Tether (USDT) are also popular in the country, as they are held by 25% of investors.
According to the report, the pandemic increased investments in digital assets; 67% of crypto holders invested more after the pandemic hit to protect their assets from inflation or due to an increase in disposable income.
However, lack of knowledge remains the leading barrier to more widespread investment and adoption of cryptocurrencies. Other barriers to investment include the volatility and risky nature of digital assets and the lack of regulatory oversight by governments.
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