New study suggests that Ether is more popular than Bitcoin in Singapore

New study suggests that Ether is more popular than Bitcoin in Singapore

Singaporeans seem to be enjoying the dividends of being a crypto-friendly country. According to “The State of Crypto in Singapore Report 2021” recently conducted by crypto exchange Gemini in partnership with CoinMarketCap and Seedly, more than 60% of the nation’s citizens have invested in cryptocurrencies.

4,348 adults based in Singapore with interests in finance and investments products were sampled. The results reveal that 67% of the respondents currently own crypto assets. Further investigations showed that 20% of the crypto holders were female, with the average crypto holder being a “29-year-old male with an average annual household income of about 51,968 Singapore dollars ($38,456) a year.”

Taking into consideration how these crypto investments are distributed, Ethereum appears to be the most preferred crypto, with 78% of crypto holders in the country owning Ether. This is closely followed by Bitcoin’s 69%.

The top two are followed by Cardano (ADA) and Binance Coin (BNB) with 40% and 31%, respectively. Only one in four investors hold XRP and Tether (USDT), according to the survey.

The report also revealed that the COVID-19 pandemic helped raise people’s interests in crypto, with 67% of crypto holders investing during the pandemic as a measure to curb inflation.

Singapore is establishing itself as a hub for crypto and blockchain in the Asia Pacific region, with a zero capital gains tax on cryptocurrency income. However, the fear of the unknown has deterred many non-crypto users from investing in digital assets.

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