According to a recent survey conducted by Independent Reserve, Singapore’s first regulated cryptocurrency exchange, 43% of the 1,500 respondents from Singapore reported owning some amount of cryptocurrencies. A slight increase from the previous year when the number was estimated to be around 40%, while adoption levels were at 43% during the 2021 bull run.

77% of Singaporeans revealed that they have their investment in two or more cryptocurrency assets. Diversifying portfolios was the primary reason behind their investments.

In addition to the rising adoption of cryptocurrencies in Singapore, there has also been an increase in knowledge and awareness about the cryptocurrency industry. Per Independent Reserve’s survey details, 91% of Singaporean respondents reported being aware of crypto assets. Bitcoin was found to be the most recognized cryptocurrency, with 87% of respondents identifying it, followed by Ethereum at 51%. 

Lasanka Perera, CEO of Independent Reserve, believes it to be an encouraging indication for the industry as several blockchains and projects have the potential to be used as real-world applications and use cases. He said:

“The rising popularity of altcoins shows that more Singaporeans are beginning to gain more awareness about other cryptocurrencies apart from Bitcoin. This is a promising sign for the industry as more investors gain exposure to various types of blockchains and projects that have innovative utility and potential to be adopted more widely for real-world applications and use cases.” 

The survey further revealed that 54% of the crypto-aware Singaporeans entered into the digital ecosystem with the objective of diversifying their portfolios. Interestingly, the number rose higher for investors who have been in the ecosystem for more than five years. About 68% of Singaporeans with 5+ years of experience, mentioned portfolio diversification as their primary motivation. Getting rich was the second-most cited reason at 48%.

Independent Reserve’s survey also highlighted that half of the people who entered the cryptocurrency market in the past 12 months were influenced by family members, friends, or social media. This indicates that word of mouth and online networks have a significant impact on crypto adoption in Singapore.

Even though, the market’s instability last year has had a short-term impact on investors’ confidence in digital assets, still, those Singaporeans who made their investment for the long term are content with their decisions. About 72% of long-term cryptocurrency hodlers said that they would even recommend cryptocurrencies to their friends and family members.

About 78% of those who have been involved in the ecosystem for more than five years, or 78%, saw the value of their digital assets grow. However, 40% of new investors with an experience of less than a year, reported their losses. This indicates that long-term investment in digital assets has a better chance of success than a short-term investment.

According to Independent Reserve’s survey, there has been an increase in female participation in the cryptocurrency market. This year, 37% of female respondents reported investing in cryptocurrencies, up 7% from the previous year. 

Furthermore, women have performed better than men in terms of profitability, with 76% of female investors reporting having made money or breaking even, compared to 72% of male investors.

Interestingly, a quarter of female respondents have allocated over 20% of their wealth to cryptocurrencies, with 48% planning to invest more in the future. 

This shows a growing interest and confidence in digital assets among women, which is a positive trend for the industry’s overall diversity and inclusion.

The post IRCI survey finds over 43% of Singaporeans now own cryptocurrency appeared first on Invezz.

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