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Half of Singaporeans own cryptocurrency

Cryptocurrency is gaining popularity in Singapore, especially among younger generations who are looking to capitalize on the generational wealth potential that Bitcoin (BTC) and other digital assets bring. This according to the inaugural 2021 Independent Reserve Cryptocurrency Index (IRCI), a survey conducted by Asia-Pacific crypto exchange Independent Reserve.

The survey was held among 1,000 Singaporeans from a representative background of gender, age and location, and revealed that 43% of the respondents said they owned cryptocurrency, with 46% planning to buy digital assets in the next 12 months. Roughly two-thirds, or 66%, of respondents in the 26 to 45 age bracket said they owned cryptocurrencies.

Almost all of the respondents, or 93%, said to have heard of Bitcoin. And nearly 40% of respondents called out for Bitcoin as an “investment asset” with 25% placing it in the category of a “store of value” or “digital gold.”

In the group aged 26 to 35, 75% said they believe cryptocurrencies will become widely accepted by individuals and businesses. Survey results seem reflect Singapore’s positive embrace of digital assets across multiple segments of society. Financial authorities in Singapore are already working with their French counterparts to explore cross-border applications of central bank digital currencies, or CBDCs.

The Monetary Authority of Singapore

Singapore’s central bank, The Monetary Authority of Singapore, further stimulates the crypto-mindset in the citystate and even offered citizens cash prizes to submit new ideas in the crypto space.

Chief Executive Officer of Independent Reserve, Adrian Przelozny, shares the positive vibe that Singapore now has and said:

“Singapore is a key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies.”

Times have truly changed as just four years ago Monetary Authority of Singapore (MAS), did not believe in a bright future of cryptocurrencies.as the authority then urged “extreme caution” about buying cryptocurrencies.

The post Half of Singaporeans own cryptocurrency appeared first on iGaming.

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Author: Peter Siu