By Chelsea Ong
SINGAPORE — Cryptocurrency is gaining recognition and acceptance by Singaporeans, according to a survey commissioned by Independent Reserve.
This is among the findings of the inaugural 2021 Independent Reserve Cryptocurrency Index (ICRI) Singapore which polled 1,000 Singaporeans from end February to early March 2021, a statement on Monday (26 July) said.
About 43 per cent of Singaporeans surveyed owned cryptocurrency, and the ownership rate was highest at 66 per cent among those from 26 to 45 years old. This compares with a rate of 29 per cent for all the other age groups. By gender, 35 per cent of women own some cryptocurrency compared to 51 per cent of male respondents.
“The strong awareness and adoption of cryptocurrency among Singaporeans in the survey findings is probably a natural reflection of the country’s progressiveness and commitment to preparing for the future,” said Adrian Przelozny, chief executive officer of Independent Reserve, a digital asset exchange with operations in Singapore.
Forty-six per cent of respondents said they plan to buy cryptocurrency in the next 12 months, with those under 45 twice as likely to make the purchase, the survey showed.
With digital currency gaining momentum worldwide, Singapore continues to emerge as a key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies, Przelozny added.
Only 7 per cent of respondents believe Bitcoin is a scam. Close to 4 in 10 Singaporeans perceive Bitcoin as an investment asset, the results showed.
Sentiment Towards Cryoto
Overall, 59 per cent of Singaporeans polled believe that cryptocurrency will reach mass scale adoption.
Younger Singaporeans are more likely to believe that cryptocurrency will be widely accepted in the future. About 76 per cent of those between the ages of 26 and 35 believe cryptocurrencies will become widely accepted by businesses and people. This compares with 44 per cent for those over 46 years old.
On the whole, awareness of any cryptocurrencies among survey respondents increased steadily in line with higher incomes. In other words, the wealthier you are, the more likely you are to have heard of Bitcoin.
The survey also found one in five Singaporeans had planned to buy cryptocurrency in 2020, but didn't because of the direct impact of or uncertainty related to COVID-19.
However, the majority of Singaporeans still seem to maintain an optimistic attitude towards the benefits of adopting cryptocurrency.
About 40 per cent of respondents invested more than S$100 per month into cryptocurrency, with four per cent investing more than S$10,000 monthly.
Overall, Singapore scored 63 out of 100 in the index, reflecting the country’s positive and progressive attitude towards cryptocurrency, compared to Australia’s score of 47 in the 2020 survey. The difference possibily highlights Singapore’s main role in the region as a leader in progressive financial instruments.
“While the survey showed that Singaporeans are receptive to adopting cryptocurrencies either as an investment or as a store of value, we strongly encourage all potential investors to fully understand the risks involved before trading,” Przelozny said.
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