More crypto-forward news is coming out of Singapore, as the country reports more than half of crypto holders have at least 5% of their portfolio allocated to digital currencies.
2021 has seen a growing interest in crypto from mainstream consumers. According to the market analyst platform Traxan, Singaporeans invested $90.86 million into cryptocurrencies in 2020, up almost 3,000% from their 2017 numbers.
Recently Gemini, CoinMarketCap, and SeedlyReads conducted a study to better understand crypto ownership in Singapore.
The survey took place between June 29, 2021, and July 9, 2021, and focused on adults in the country ages 18-65 with an interest in finance and investments. It was taken by a total of 4,348 Singaporeans and found that 67% of respondents said they own crypto. Moreover, 64% of those crypto holders claim to have at least 5% of their portfolios locked into digital assets.
For those with locked-in or staked crypto assets, 78% own Ethereum.
From there the survey looked at the gender correlations to crypto holding and purchasing. It also examined the amount to which crypto holders allocate funds towards digital currencies.
Men vs women in crypto
The study found that of the 67% of participants who hold crypto, 80% are men. It also showed that while 64% of crypto holders have at least 5% of their portfolios in crypto, for women, this figure is much lower. This paints women crypto investors in Singapore as more conservative than their male counterparts.
Despite the male-saturated crypto space, investments from women are on the rise. As Singapore is a hub for crypto activity, it’s likely female investors in the country will also catch on to the trend. The survey also found that female investors generally came from higher income brackets.
Crypto movement in Singapore continues
Singapore is a leader in crypto adoption in the Asia region. Recently, the city-state approved yet another exchange for in-country crypto trading.
A week prior, Singaporean regulators granted an exchange the ability to offer digital token payment services to clients. This year a bank in Singapore became one of the first to tokenize bonds on a digital exchange.
The country is abuzz with crypto-related developments. According to the survey, 65% of all the respondents, investors or not, got their information on crypto from bloggers and internet personalities.
Of the lesser number of respondents who did not hold any crypto, one in three had a plan to purchase a digital currency within the year.