According to a new survey carried out by crypto exchange Independent Reserve, cryptocurrencies are becoming increasingly popular in Singapore, mainly among younger investors looking to capitalize on Bitcoin (BTC) and other digital assets. The survey interviewed 1,000 participants, described as an “unbiased sample of everyday adult Singaporeans” spread across different areas of the country and reflective of all age groups and genders.

Crypto Ownership Gaining Traction in Singapore

Some 43% of the polled respondents revealed that they had invested in cryptocurrencies and 74% of them had multiplied their wealth using these investments. Most crypto investors were reportedly quite young with nearly 66% aged between 26 years to 45 years.

Young crypto holders also accounted for a majority of those who had diversified portfolios. 58% of those polled in the 26years to 45 years age bracket were holding Bitcoin, 38% were holding Ethereum, and the remaining 36% held other crypto assets.

More than half of the crypto owners — almost 51% — were male, while 35% were women. A whopping 93% of all those who participated knew about digital assets beforehand. 

The idea that Bitcoin is an investment instrument also seems to be gaining currency among Singaporeans. Some 40% of the respondents called BTC an “investment asset” and 25% said that it was a “store of value” or “digital gold.”

Singapore’s young investors are largely bullish on the future of cryptocurrencies, with three-quarters of them suggesting that digital assets will be widely adopted by people and businesses. This bodes well for the country’s domestic crypto industry, which has been bourgeoning recently. Just a month ago, Coinhacko, one of Singapore’s leading crypto exchanges, announced a 500% upswing in trading volumes and a sharp increase of 700% in average users coming to the platform in the first five months of 2021.

Singapore Inching Closer to Widespread Crypto Adoption

While many merchants have shown reluctance to crypto transactions, bigger financial entities in Singapore have doubled down on their holdings and multiplied their services in the sector. The country’s central bank, the Monetary Authority of Singapore (MAS), even invited citizens to offer their ideas on digital currencies. It has already introduced policies that pave the way for further adoption.

“The Monetary Authority of Singapore’s Payment Services Act provides a stable regulatory licensing and operating framework. With that, Singapore is poised to further its reputation as a leader in the space with license applications from leading digital assets exchanges from around the world already submitted,” Raks Sondhi, managing director of Independent Reserve stated.

Notably, the Independent Reserve found that Singapore fairs better than many countries in terms of crypto acceptance and adoption. It scored the 63rd rank on the agency’s 1 to 100 scale, compared to Australia, which stood at the 47th rank with 18.6% crypto adoption.