A recent survey has found that Ether is the most popular cryptocurrency in Singapore.
Ether, a digital currency for transactions and online services on its blockchain network, was voted as having the highest interest out of all cryptocurrencies by respondents to an exclusive Global Cryptocurrency Survey conducted with techtimes.com over four weeks ending Tuesday this week at The NUS Business School’s Centre for Applied Data Analytics.
- Survey results from Seedly, Gemini, and CoinMarketCap show that more crypto investors hold Ether than Bitcoin as of late. In fact, 78% have Ether compared to 69% who are bitcoin owners, while Cardano came in third at 40%.
- A recent survey of more than 4,000 adults conducted in June this year found that 67% have digital assets in their investment portfolio and two-thirds had increased holdings during the pandemic.
- Despite the price of Bitcoin undergoing extreme fluctuations in recent years, many have still not invested. Reasons given include lack of knowledge and perceived volatility.
- Of the respondents who don’t own any cryptocurrencies, 34% plan to purchase some within 12 months.
- Many survey participants cited decentralized finance as the most interesting aspect of crypto, with others citing it as an inflation hedge and non-fungible tokens.
- With the survey results, men are the owners of crypto in Singapore, with roughly 80% below 34 years.
- From the study conducted, it was also found that women with crypto own a greater median income inflow than their male colleagues.
- Half of crypto investors are young people, specifically those aged between 18 and 24. Twenty percent of this group claims that over 50% of their portfolio is in digital assets. However, the majority (64%) have 5% or less invested in cryptocurrencies despite being relatively financially well off with a net worth between $7k- $100k.
Singapore, a hub for both crypto and blockchain in the Asia Pacific region, has zero capital gains tax on cryptocurrency income. Nevertheless, many non-crypto users have refrained from investing due to their fear of this new technology.
The number of Singaporeans interested in buying cryptocurrencies is high, with 46% of the population planning to invest within 12 months. This interest stems from an attractive tax policy that places no capital gains taxes on crypto income. With a zero percent corporate and personal income tax rate, it’s easy to see why this nation has become such a hub for blockchain technology companies like OmiseGO (OMG).
