cryptovibes.com
The latest market analysis in Singapore suggests that cryptocurrencies’ adoption among the younger generation has exponentially surged, with more than 40% of the total population now believed to own crypto assets.
According to the inaugural 2021 Independent Reserve Cryptocurrency Index survey, more Singaporeans today own crypto assets, with the younger generation focusing on the generational wealth potential of Bitcoin- “mining” and other digital assets.
The new survey featured 1,000 Singaporeans from different representations including, gender, age, and location. In that context, the survey found that 43% of the polled respondents confirmed to own crypto assets, with 46% planning to buy digital assets in the next 12 months. Notably, 66% of the total number of respondents between 26 to 45 years agreed to owning cryptos.
From the same data, 93% of the polled respondents confirmed that they have heard of Bitcoin. Nearly 40% of the respondents described Bitcoin as an “investable asset,” while 25 % dubbed Bitcoin as a “store of value” or “digital gold.”
Interestingly, three-quarters of respondents aged between 26 to 35years said that they strongly believe cryptocurrencies will eventually become widely accepted by individuals and businesses.
These attitudes from the results reflect a positive embracement of digital assets across multiple segments of the Singapore society. Reports emerged that Singapore confirmed its strong affiliation with France government to explore a cross-border application of central bank digital currencies (CBDCs).
Additionally, the Monetary Authority of Singapore (MAS) has even offered its citizens cash prizes to submit their digital currency ideas.
While commenting on the survey results, Adrian Przelozny, the CEO of Independents Reserve, described Singapore as:
“a key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies.”
On the other hand, Raks Sondhi, the managing director of Independent Reserve, explained the advantages of adopting digital currencies. He stated:
“Many cryptocurrency exchanges and blockchain businesses are looking for regulatory certainty. 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.”
In the same context, a spokesperson for the exchange asserted that Singaporeans appear to be much ahead of the adoption curve when compared with other nations.
According to an independent study of Australia in 2021, the survey found that the crypto ownership rate stood at 18.6%. In general, Singapore scored 63 in the IRCI on a scale of 1 to 100, compared with position 47, for Australia in 2021.