43% of the 1,500 Singaporean respondents to a recent Independent Reserve survey said they own some amount of cryptocurrency. By comparison, last year’s research estimated the figure to be around 40%, while adoption levels were 43% in 2021 (during the bull run).
77% of HODLers said they hold two or more digital assets, with portfolio diversification being the main reason behind investing.
The new trends after the reactivation of the market
In addition to growing crypto adoption, Singaporeans have shown Increased awareness, with 91% saying they are aware of the asset class. Bitcoin is the most popular, with 87% recognition, while Ethereum comes in second with 51%.
“The growing popularity of altcoins shows that more Singaporeans are starting to become more aware of cryptocurrencies other than Bitcoin.
This is a promising sign for the industry as more investors gain exposure to various types of blockchains and projects that have innovative utility and potential to be more widely adopted for real-world applications and use cases,” Lasanka Perera, CEO of Independent Reserve Singapore. saying.
Portfolio diversification remains the top reason for entering the ecosystem (54%). The number is even higher when talking about investors with more than 5 years of experience (68%), while getting rich (48%) comes in second.
Half of the people who jumped on the bandwagon in the past 12 months said they were influenced by family, friends, or social media.
Young people are much more active in the industry than older generations. Those from 26 to 35 years old have the best knowledge in the field. 59% of the 18-25 age group think better education is an important factor in gaining confidence in digital assets, up from 53% in 2022.
Most long-term holders have recorded gains
The turbulent 2022 has affected short-term confidence in cryptocurrencies. Despite that, 72% of all HODLers said they would recommend investing in digital assets to friends and family.
78% of those who have been part of the ecosystem for more than five years saw the value of their crypto increase. On the other hand, 40% of people who started investing less than a year ago reported losses.
Women investors are on the rise
The Independent Reserve found that 37% of participating women have invested in cryptocurrency, up 7% from last year’s figures.
Women have also outperformed men in making a profit, with 76% admitting they have made some money or have broken even. At the same time, 72% of male investors confirmed the same.
A quarter of women have distributed more than 20% of their wealth in the asset class, and 48% plan to invest even more in the future.
Higher Income Fuels Higher Investment
Subsequently, the investigation found that the amount of investment depends on people’s salaries. Only 8% of Singaporean investors earning up to $4,999 per month revealed that they allocate $1,000 or more per month to cryptocurrencies. In contrast, 53% of people with salaries above $10,000 distribute $1K monthly.
Every fourth HODLer invests more than $1,000 every 30 days in digital assets, an increase of 4% since 2022. The share of those buying cryptocurrency worth $10,000 or more on a monthly basis has increased by 1%.
“People with higher incomes are likely to allocate more of their investment portfolio to cryptocurrencies. In general, the higher income groups say that their cryptocurrency investments have made money or have broken even.
The S$7,000 to S$9,000 income segment, which allocated the majority of its investment portfolio to cryptocurrency, has 67% claiming to have made a profit. They are also the segment that has the most confidence in the long-term viability of the cryptocurrency market,” the study outlined.
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