Cryptocurrency information about Singapore
It is estimated that over 550 thousand people, 9.40% of Singapore’s total population, currently own cryptocurrency.
A total of 6 reports and surveys were used. These sources were then weighted and combined to derive the final estimate. The sources were weighted based on
i) year of the report
ii) scale of the research
iii) credibility of the research
A weightage score of 1 to 3 is given to each source with 3 being the most reliable.
|University of Cambridge||80,618||2020||2.67|
Singapore is one of the few countries that openly support cryptocurrencies and blockchain projects. According to the inaugural 2021 Independent Reserve Cryptocurrency Index (IRCI) based on a poll of 1,000 Singaporeans from a representative background of gender, age and location, 43% of the polled respondents said they owned cryptocurrency.(1) From the results, Singapore appears to be much further ahead of the adoption curve when compared with other nations.
When it comes to adoption, 82% of Singaporeans that own cryptocurrencies hold Bitcoin. Among them, 39% see them as investment assets, 25% see them as a store of value and 12% see them as money. Even though 12% may seem low at the moment, Bitcoin is in no doubt moving from a collectible asset to a medium of exchange as adoption grows and the market matures.(2) Furthermore, among those aged 26 to 35, 75% said they believe cryptocurrencies will become widely accepted by individuals and businesses.
“With digital currency gaining momentum worldwide, Singapore continues to emerge as a key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies,”INDEPENDENT RESERVE CEO ADRIAN PRZELOZNY