A new study by the Independent Reserve shows that 93% of Singaporeans are familiar with bitcoin and 43% have digital currency.
to the Report Crypto Potito, a new poll by The Independent Reserve shows that 43% of Singaporeans have digital currencies. 46% also stated that they will buy digital currencies next year.
The Australian Digital Currency Exchange, The Independent Reserve, conducted a survey of 1,000 people to assess the acceptance of digital currencies in Singapore. According to the results, 43% of Singaporeans have digital currency.
If we take a closer look, these results show that the younger generation is very interested in bitcoins and altcoins, so that 66% of them answered that they are holders and 46% of the participants said that they intend to enter the digital currency space in the next 12 months. To be.
Extensive awareness of digital currencies in Singapore is also high. 93% of citizens say they have heard of Bitcoin. This has undoubtedly put Bitcoin in the first place. Forty-six percent of respondents described Bitcoin as an “investment asset,” and 25 percent of those polled said it was “digital gold” and a tool to “store value.”
The youngest participants in the survey, people between the ages of 26 and 35, are some of the biggest fans of digital currencies. About 75% believe that many different institutions will accept this class of assets. Adrian Przelozny, CEO of The Independent Reserve, described the survey results as “Singapore” is an important hub in Asia due to its strong and orderly financial markets, infrastructure and openness to new technologies.
In early 2021, the Bank of Singapore announced that if Bitcoin could deal with issues such as its volatile nature, it could be successful as a reserve of value. Mansoor Mohi-uddin, a senior economist, said:
First, investors need trustworthy institutions to be able to safely hold digital currencies. Second, liquidity needs to improve significantly to reduce volatility to manageable levels.
Singapore’s private banking arm, OCBC Bank, ultimately ruled out the possibility of digital currencies replacing Fiat currencies as a medium of exchange. However, this large financial institution believes that bitcoins and other coin coins can replace gold in terms of value storage.
In addition, Mohi-ud-Din warned that if governments feel threatened by certain digital assets, they can counter it, as exemplified by the growing trend of central bank digital currencies.