Crypto Holders In Singapore Are More Likely to Hold Ether Than Bitcoin

Majority of Singapore’s crypto investors hold Ethereum over Bitcoin, and over 33% of Singaporeans who don’t hold any cryptocurrencies plan to invest in digital assets in the next year, according to a recent study.

Ethereum is the most popular cryptocurrency in Singapore, a recent survey found.

78% of crypto investors in Singapore hold ethereum compared with 69% who own bitcoin, according to a survey by crypto exchange Gemini, finance platform Seedly, and information provider CoinMarketCap. Cardano came third at 40%.

The survey, which was conducted amongst 4,000 adults between June 29-July 9, also found that 67% of respondents with personal investments have crypto in their portfolio, and two-thirds of the crypto holders increased their digital-asset holdings during the pandemic.

Of those who haven’t invested in crypto, more than two-thirds cited lack of knowledge. Perceived market volatility also played a part in the decision.

Still, 34% of respondents who don’t own crypto said they plan to enter the market within the next 12 months

The most interesting aspect of crypto to all responders was decentralized finance, followed by crypto as an inflation hedge and non-fungible tokens.

Around 80% of crypto owners in Singapore are men and under 34, the survey found.

Women who own crypto have a higher median income than their male counterparts.

While 64% of all crypto holders have more than 5% of their portfolio in digital assets, a full fifth of those aged 18-24 said more than half of their investments are in crypto.

Singapore is emerging as Asia’s crypto hub, in part due to favorable regulation.