According to a new report in Singapore, in terms of distribution of crypto assets, Ethereum stands at first place followed by Bitcoin, Cardano (ADA) and Binance coin (BNB).
According to “The State of Crypto in Singapore Report 2021,” performed by cryptocurrency exchange Gemini in collaboration with CoinMarketCap and Seedly, more than two-thirds of Singaporeans with financial investments now own crypto.
According to the survey, which included 4,348 Singapore-based persons who self-identify as possessing or being interested in personal finance and financial goods, 67 percent of those polled presently own crypto assets.
Despite the fact that one in every five crypto holders is a woman, the average Singaporean crypto holder is a “29-year-old male with an average annual household income of roughly 51,968 Singapore dollars ($38,456) a year,” according to the report.
When it comes to the distribution of crypto assets held by Singaporean investors, Ether (ETH), the native cryptocurrency of the Ethereum blockchain, takes a commanding lead with 78 percent, followed by Bitcoin (BTC) with 69 percent (BTC).
At 40% and 31%, respectively, Cardano (ADA) and Binance Coin (BNB) follow the top two. According to the report, one out of every four investors owns XRP and Tether (USDT).
People’s interest in crypto grew partly as a result of the COVID-19 pandemic, according to the survey, with 67 percent of crypto holders investing more during the pandemic to hedge against inflation or spend their higher discretionary earnings as a result of lockdowns.
Non-crypto owners, on the other hand, are discouraged from investing in the asset class due to a lack of information and understanding.
The volatile nature of crypto markets, the dangerous nature of crypto investments, and the lack of governmental control have all been mentioned as obstacles to investing.
In a recent poll with a smaller sample group, 46 percent of Singaporeans said they plan to buy digital assets in the next 12 months.
Singapore has established itself as a crypto and blockchain powerhouse in the Asia Pacific area because of its zero capital gains tax on cryptocurrency revenue.
