43% of Singaporeans own crypto, according to Independent Reserve survey

43% of Singaporeans own crypto, according to Independent Reserve survey

The inaugural 2021 Independent Reserve Cryptocurrency Index, or IRCI, is based on a poll of 1,000 Singaporeans from a representative background of gender, age and location.

Cryptocurrency adoption is growing in Singapore, especially among younger generations looking to capitalize on the generational wealth potential of Bitcoin (BTC) and other digital assets, according to a new survey conducted by Asia-Pacific cryptocurrency exchange Independent Reserve.

Forty-three percent of the polled respondents said they owned cryptocurrency, with 46% planning to buy digital assets in the next 12 months, the IRCI results showed. Two-thirds, or 66%, of respondents in the 26 to 45 age bracket said they owned cryptocurrencies.

Unsurprisingly, 93% of the polled said they have heard of Bitcoin. Nearly 40% of respondents described BTC as an “investment asset” and 25% called it a “store of value” or “digital gold.”

Among those aged 26 to 35, three-quarters said they believe cryptocurrencies will become widely accepted by individuals and businesses. These attitudes reflect Singapore’s positive embrace of digital assets across multiple segments of society. As Cointelegraph recently reported, financial authorities in Singapore confirmed they are working with their French counterparts to explore cross-border applications of central bank digital currencies, or CBDCs.

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