A survey conducted by Independent Reserve recently revealed that around 43 percent of 1,500 Singaporean respondents own crypto assets. In the survey, almost half of Singaporeans own two or more digital assets, with portfolio diversification being the main reason behind the investment.
In comparison, last year’s research estimated the figure to be around 40 percent, while the adoption rate was 43 percent in 2021 (during the bull run).
Despite the surging crypto adoption, Singaporeans have shown increased knowledge, with 91 percent saying they are aware of the asset class.Bitcoin was the most popular, with 87 percent recognition, while Ethereum came in second with 51 percent.
“The rising popularity of altcoins shows more Singaporeans are starting to gain more awareness about other cryptocurrencies besides Bitcoin,” said Lasanka Perera, CEO of Independent Reserve Singapore.
“This is a promising sign for the crypto industry as more investors gain exposure to different types of blockchains and projects that have innovative utility and potential for wider adoption for real-world applications and use cases,” he continued.
The survey also stated that young people are much more active in the industry than older generations. Those aged 26 to 35 have the best knowledge in the field. Meanwhile, 59 percent of the 18 to 25 age group think better education is the main factor to gain trust in digital assets, compared to 53 percent in 2022.