Key Takeaways
- Ethereum the most held coin by Singaporeans states survey
- Survey carried out by Gemini and CoinMarketCap
- Interest in crypto-assets peaked during the Covid-19 lockdown period
This trend was revealed in a recent survey by U.S exchange Gemini in collaboration with CoinMarketCap. The survey asked over 4000 Singaporean adults within the finance sector about their financial activities.
Almost 70% of the respondents revealed that they owned cryptocurrencies. The survey also noted that men held more crypto assets than women with the average age of holders around 29 years.
What was interesting was the distribution of cryptocurrencies held by the respondents. Ethereum (ETH) led the list with more than 75% of respondents that held crypto claiming to hold the leading altcoin. This was in contrast with leading cryptocurrency Bitcoin which is held by 69% of the respondents.
Cardano (40%) and Binance (31%) followed the top two coins with XRP and Tether completing the list of crypto assets held by investors. The study also noted that the COVID-19 pandemic increased the awareness of crypto assets within the Asian nation.
The closure of businesses and movement meant that many looked towards crypto-assets as a hedge against inflation. In addition the bull run also attracted mainstream investors looking to increase their portfolio.
The Gemini report also highlighted that many crypto owners stated that the lack of knowledge and understanding was a critical factor that deterred them from investing in other assets. The crypto market is known for its volatility and this can be a major barrier for investing.
The rise in crypto adoption in Singapore can also be linked to the favorable tax laws in the country. Singapore has zero capital tax on cryptocurrency income and has become a major destination for crypto and Blockchain companies in Asia.
Do you think Ethereum is bridging the gap with Bitcoin in terms of global adoption?
