AnalysisCrypto

According to a study by Gemini, 4 out of 5 Singaporeans choose Ethereum

According to a study performed by Gemini, one of the major cryptocurrency exchanges, in collaboration with CoinMarketCap and Seedly, four out of five digital currency holders in Singapore pick Ethereum.

According to the Singapore Cryptocurrency Status Report 2021, Bitcoin is not a popular cryptocurrency among Singaporeans. Ethereum (ETH) is first on the leaderboard, followed by Bitcoin (BTC), Cardano (ADA), and Binance Coin (BNB).

Over 4,348 people were questioned for this study. All of them indicated an interest in investing in cryptocurrencies and traditional financial goods. Sixty-seven percent of those polled claimed they own digital currency. Owners of Ethereum tokens account for 78 percent of this group, while bitcoin holders account for 69 percent. Simultaneously, 40% of respondents hold Cardano project tokens in their crypto wallets, while 31% keep Binance Coin. One out of every four investors holds Ripple (XRP) and Tether (USDT) stablecoins.

Those who do not currently own cryptocurrencies indicated they plan to buy at least one within the next year, according to 34% of those polled. The lack of understanding about the sector and asset volatility, which became the major reasons against the acceptance of cryptocurrencies by global authorities, were the main factors preventing them from investing in digital currencies.

According to statistics, a woman owns a cryptocurrency one out of every five. At the same time, the average picture bearer is a “29-year-old or older guy with an average salary of over 51,960 Singapore dollars,” or 38,307 US dollars. According to the poll, interest has increased considerably due to COVID-19, as many people have adopted cryptocurrencies as a hedge against inflation.

According to previous research, 46 percent of Singaporeans want to invest in a new asset class in the following year. This suggests that people searching for a trustworthy source of passive income are becoming more interested in the business. On the other hand, considering Singapore’s status as the Asia-Pacific region’s cryptography powerhouse, such results are unsurprising.

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