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Ethereum overtakes Bitcoin in popularity in Singapore

By Daily EditorBitcoin

Nearly four in five Singaporean crypto holders own Ether, followed by Bitcoin, Cardano Y Binance Coin, reveals study of Gemini Y CoinMarketCap.


Ether is more popular than Bitcoin in Singapore, find a new studio. The “Report on the state of cryptocurrencies in Singapore 2021”, made by the cryptocurrency exchange Gemini in association with CoinMarketCap Y Seedly, found that more than two-thirds of Singaporeans who have financial investments currently own cryptocurrencies.

The report, which included 4,348 adults living in Singapore who identify themselves as interested in investment products and personal finance, shows that the 67% of respondents currently own crypto assets.

Only 19% of cryptocurrency holders in that country are women. Furthermore, the study describes the average Singaporean cryptocurrency holder as a 29 year old man with a median annual household income of around Singapore $ 51,968 (US $ 38,456) per year ”.

With regard to the distribution of crypto assets held by Singaporean investors, Ether, la native cryptocurrency of the Ethereum blockchain, takes a clear advantage with 78% as the most popular cryptocurrency, while 69% of cryptocurrency holders own Bitcoin

Besides, Cardano Y Binance Coin they follow the first two with 40% and 31%, respectively. Additionally, one in four investors has XRP and Tether (USDT), according to the survey.

Investment and pandemic

The report reveals that people’s interest in cryptocurrencies increased in part due to the COVID-19 pandemic, as 67% of crypto holders invested more during the pandemic to hedge against inflation or invest their higher disposable income. due to blockages.

Likewise, the research determined that 34% of people who do not have cryptocurrencies now are likely to start investing in cryptocurrencies in the next 12 months.

On the other hand, lack of knowledge and understanding is the main factor that deters non-owners of cryptocurrencies from investing in the asset class. The volatility of the crypto markets, the risky nature of crypto investments, and the lack of regulatory oversight were also pointed out as barriers to investment.

With a zero capital gains tax on income from cryptocurrencies, Singapore established itself as a hub for cryptocurrencies and Blockchain in the Asia Pacific region.

There has been a lot of interest in investing in Singapore. A report published by the Monetary Authority of Singapore (MAS) revealed that companies like Google, Alibaba and at least 300 other companies presented their requests to make payments and cryptocurrency exchanges in the Asian country. In fact, in January, Gemini began operating in that country.

Sources: Gemini survey, Cointelegraph, Coindesk

Translation and version of DailyBitcoin

Picture of Unsplash

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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