Singapore is one of the countries which shows huge interest in crypto adoption encouraging its people to play all crypto services. Besides, Singapore is a crypto-friendly country with no such strong regulations for utilizing digital assets.
Crypto Survey in Singapore
Many crypto enthusiasts in Singapore are involved in a lot of crypto services in their daily lives. The State of Singapore conducted a crypto survey- 2021 in partnership with Seedly, Gemini and CoinMarketCap. Moreover, the survey shows, Ethereum beats the position of Bitcoin followed by Cardano. Thus, the survey reports were generated with 4,348 respondents including both crypto and non-crypto holders.
Additionally, the survey was open from June 29 till July 9 and the results were out on Monday. The overall analysis of the survey data shares the percentage value of digital assets owned by the respondents. Thus, 78% of the respondents hold ETH, 69% of them hold BTC followed by ADA with 25%.
Further, the crypto industry has a huge impact on the lives of the people in Singapore. For instance, a “29-year-old male crypto holder in Singapore reveals his average annual household income is nearly 51,968 Singapore dollars per year.
Significantly the report says,
“With ETH, BTC and ADA being the most popular cryptocurrencies across both genders, females actually hold and trade XRP and DOT. USDT [tether] is popular among the male counterparts.”
More so, the researchers believe that the pandemic situation has influenced a lot of people into the crypto space. Many new entrants were eager to invest their assets in cryptocurrencies. As per the study, 67% of the users had invested in digital currencies during the pandemic.
Therefore, the crypto community is growing mature day by day with more developments, new coins and new users. Also, the support of blockchain technology will elevate the standards and value of the crypto industry in the near future.
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