A recent survey showed that 35% of Singapore’s population owns it BTC.
The Independent Reserve survey, called the Independent Reserve Cryptocurrency Index (IRCI) Singapore-2021, reveals that 43% of respondents said they owned cryptocurrencies, with 82% saying they owned BTC, followed by 49% ETH, 30% Litecoin (LTC), 24% XRP, 15% Chainlink (LINK) and only 9% reported having other cryptocurrencies.
The survey also looked at the awareness, acceptance and confidence of various nations about cryptocurrencies, with Singapore recording a decent 63 out of 100.
Australia, for example, stopped at 47, so the outcome of Singapore is definitely interesting.
93% of respondents from Singapore said they knew about the existence of cryptocurrencies, while BTC was confirmed by 90% of respondents. 74% of cryptocurrency holders also stated that they were in profit.
Almost 40% of respondents believe that BTC is an investment asset, which is more than three times more than one who believes it is a currency, while only 7% believe that it is a scam.
In addition, 21% of those who wanted to buy cryptocurrencies in 2020 but not then said their decision was influenced by the economic impact of the COVID-19 crisis.
Looking to future forecasts, among those under 45, 32% believe that the price of BTC will not exceed $ 50,000 by 2030, while 30% believe that it will exceed $ 100,000 and 28% believe that it will be between $ 50,000 and $ 100,000. Only 10% believe it will go to zero.
On the other hand, people over the age of 45 are less optimistic, with 35% believing it will not exceed $ 50,000, 25% believing it will be between $ 50,000 and $ 100,000, another 25% believe it will go to zero and only 15% he believes it will exceed $ 100,000.
This confirms that the younger generation, in particular, is more confident in BTC.
Singapore and the cryptocurrency sector
Singapore is an important country for the cryptocurrency sector in Asia, as China increasingly bans cryptocurrency transactions, which also has an impact on Hong Kong’s financial center. In fact, many Chinese use Singapore or Korean platforms, which greatly aids the growth of the cryptocurrency sector in the city-state, which is the world’s fourth largest financial center.