Study: More than 40% of Singaporeans have invested in cryptocurrencies

Almost every second citizen of Singapore has invested in cryptocurrency. To this conclusion came local trading platform Independent Reserve, which polled 1,500 citizens of the country from 18 years old.

According to the results of the survey, 43% of respondents declared ownership of cryptocurrency. At the same time, 91% said they had heard about cryptocurrency, and respondents aged 26-35 were the most knowledgeable group. Over 75% noted that they own two or more cryptocurrencies in order to diversify their portfolio. More than half of the respondents named Bitcoin (BTC) as a store of value. Most often, respondents mentioned bitcoin and ether (ETH), but it is not clear how many investors hold these cryptocurrencies in their portfolios.

Despite the fall in market quotes in 2022, over 70% of respondents said they would advise their loved ones to invest in cryptocurrency. Regulation was cited by 59% of respondents as a key issue around cryptocurrencies. In their opinion, a clearer regulatory framework around virtual assets would make cryptocurrencies more attractive for investment. At the same time, exactly half of the respondents are confident that cryptocurrencies will receive worldwide recognition, even despite legal difficulties.

Most statistically, men invest in cryptocurrency (48%). However, the Independent Reserve noticed an interesting feature. If compared to 2022, the number of male investors decreased by 1%, then the number of female investors increased by 7% to 37%.

The most active investors in the market are a layer of citizens of Singapore, earning over $5,200 per month. Citizens with earnings in the amount of $3,700 invest less actively, but their percentage still amounted to more than half of the respondents (65%).