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By Chelsea Ong
SINGAPORE — Cryptocurrency is gaining recognition and acceptance by Singaporeans, in accordance with a survey commissioned by Unbiased Reserve.
That is among the many findings of the inaugural 2021 Unbiased Reserve Cryptocurrency Index (ICRI) Singapore which polled 1,000 Singaporeans from finish February to early March 2021, a press release on Monday (26 July) stated.
About 43 per cent of Singaporeans surveyed owned cryptocurrency, and the possession fee was highest at 66 per cent amongst these from 26 to 45 years outdated. This compares with a fee of 29 per cent for all the opposite age teams. By gender, 35 per cent of girls personal some cryptocurrency in comparison with 51 per cent of male respondents.
“The sturdy consciousness and adoption of cryptocurrency amongst Singaporeans within the survey findings might be a pure reflection of the nation’s progressiveness and dedication to making ready for the long run,” stated Adrian Przelozny, chief government officer of Unbiased Reserve, a digital asset trade with operations in Singapore.
Forty-six per cent of respondents stated they plan to purchase cryptocurrency within the subsequent 12 months, with these below 45 twice as prone to make the acquisition, the survey confirmed.
With digital forex gaining momentum worldwide, Singapore continues to emerge as a key hub in Asia as a result of its strong and well-regulated monetary markets infrastructure and openness to new applied sciences, Przelozny added.
Solely 7 per cent of respondents consider Bitcoin is a rip-off. Near 4 in 10 Singaporeans understand Bitcoin as an funding asset, the outcomes confirmed.
Sentiment In the direction of Cryoto
Total, 59 per cent of Singaporeans polled consider that cryptocurrency will attain mass scale adoption.
Youthful Singaporeans usually tend to consider that cryptocurrency will likely be broadly accepted sooner or later. About 76 per cent of these between the ages of 26 and 35 consider cryptocurrencies will grow to be broadly accepted by companies and folks. This compares with 44 per cent for these over 46 years outdated.
On the entire, consciousness of any cryptocurrencies amongst survey respondents elevated steadily according to larger incomes. In different phrases, the wealthier you might be, the extra probably you might be to have heard of Bitcoin.
The survey additionally discovered one in 5 Singaporeans had deliberate to purchase cryptocurrency in 2020, however did not due to the direct influence of or uncertainty associated to COVID-19.
Nevertheless, the vast majority of Singaporeans nonetheless appear to take care of an optimistic perspective in the direction of the advantages of adopting cryptocurrency.
About 40 per cent of respondents invested greater than S$100 monthly into cryptocurrency, with 4 per cent investing greater than S$10,000 month-to-month.
Total, Singapore scored 63 out of 100 within the index, reflecting the nation’s optimistic and progressive perspective in the direction of cryptocurrency, in comparison with Australia’s rating of 47 within the 2020 survey. The distinction possibily highlights Singapore’s major function within the area as a frontrunner in progressive monetary devices.
“Whereas the survey confirmed that Singaporeans are receptive to adopting cryptocurrencies both as an funding or as a retailer of worth, we strongly encourage all potential buyers to totally perceive the dangers concerned earlier than buying and selling,” Przelozny stated.
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