As published on financemagnates.com, Monday 16 August, 2021.
Gemini, one of the leading digital exchanges, recently published the results of its cryptocurrency survey and highlighted that the investors in Singapore prefer Ethereum over Bitcoin.
Gemini conducted the survey in partnership with Coinmarketcap and Seedly. The survey included 2,862 self-identifying current crypto holders and 1,486 consumers. According to the results, nearly 78% of the crypto holders are currently holding Ethereum, the world’s second-largest cryptocurrency.
Approximately 69% are holding Bitcoin and 40% are holding Cardano (ADA). The results indicate that more than 80% of all cryptocurrency holders are under the age of 34. Female investors in Singapore trade and hold XRP and DOT more than their male counterparts.
“Based on our sample size, 67% of respondents that have financial investments, currently hold cryptocurrency in their portfolio. The overall profile of Singapore-based crypto holders leans towards young and male. 79.9% of crypto holders are men, and 80.2% of all crypto holders are under the age of 34. By our calculations, the average cryptocurrency holder is likely to be a 29-year-old male with an average annual household income of about S$51,968 a year,” the report states.
The report also highlighted the growing popularity of cryptocurrency assets in Singapore. The adoption of digital currencies including Ethereum and Bitcoin in the region has increased rapidly in the last few years.
In Singapore, 81% of the respondents voted ‘Buy and Hold’ as the number 1 strategy for cryptocurrency investing. According to the results, more than 58% of the crypto holders trade crypto to earn profits, while 43.1% use cryptocurrency deposits to earn interest.
“These key insights all point to the fact that in Singapore, cryptocurrency is broadening its appeal amongst both existing and potential investors, but barriers to investing still remain. Given the relatively young, digital-first nature of crypto, it is not surprising to still see demographics skewing towards younger investors,” the report concluded.
Social media remained the preferred source of crypto information for investors in Singapore.