A recent survey revealed that 35% of Singapore's population owns Bitcoin.
The survey, conducted by Independent Reserve, is titled Independent Reserve Cryptocurrency Index (IRCI) Singapore – 2021, and reveals that 43% of respondents said they own cryptocurrencies, and 82% of them said they own BTC. Followed by 49% who said they own Ethereum (ETH), 30% Litecoin (LTC), 24% XRP, 15% Chainlink (LINK) and only 9% said they own other cryptocurrencies.
The survey looked at the awareness, adoption and trust of different nations when it comes to cryptocurrencies, with Singapore having a whopping 63 out of 100.
For example, Australia stopped at 47, so Singapore's result is definitely interesting.
93% of Singaporeans surveyed said they are aware of the existence of cryptocurrencies, with Bitcoin recognized by 90% of those surveyed.
74% of cryptocurrency holders also said they were making a profit.
Almost 40% of those surveyed believe that bitcoin is an investment asset, or more than triple those who consider it a currency, while only 7% consider it a scam.
In addition, 21% of those who wanted to buy cryptocurrencies in 2020 but then did not do so, said that their decision was conditioned by the economic consequences of the COVID-19 crisis.
Regarding future forecasts, among those under 45, 32% believe that by 2030 the price of bitcoin will not exceed $ 50,000, while 30% believe that it will exceed $ 100,000, and 28% believe that it will be between the $ 50,000 and $ 100,000. Only 10% believe it will reach zero.
On the other hand, those over 45 are less optimistic, with 35% believing that it will not exceed $ 50,000, 25% believe that it will be between $ 50,000 and $ 100,000, another 25% believe that it will go to zero, and only 15% believe that will exceed $ 100,000.
This confirms that it is especially the younger generations who have the most faith in Bitcoin.
Singapore and the cryptocurrency sector
Singapore is an important country for the cryptocurrency sector in Asia, as China increasingly prohibits cryptocurrency operations, and this also affects the financial center of Hong Kong. Many Chinese actually use platforms from Singapore or Korea, and this greatly helps the growth of the crypto sector in the city-state, which is the fourth largest financial center in the world.