Singaporeans exhibit a positive attitude towards cryptocurrency

According to cryptocurrency exchange Independent Reserve, about 43 per cent of 1,000 people in Singapore polled own cryptocurrency.

46 per cent said that they intend to buy some in the next 12 months, and 59 per cent of the respondents believe that the digital currency will be adopted on a mass scale in the future.

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.”

These results reflect Singaporeans’ overall positive attitude towards cryptocurrency. This is especially among younger generations looking to capitalise on the generational wealth potential of digital currencies.

The survey was used to provide data for an index compiled by Independent Reserve. Singapore scored 63 points on the index, suggest the country is exhibiting a progressive attitude towards cryptocurrency.

Singapore’s growing crypto scene

PwC Singapore’s survey for the Singapore Blockchain Ecosystem Report 2020 assessed the developments of blockchain-related activities in Singapore, with blockchain emerging as one of the top three technology trends in Singapore for 2021.

Large institutions in Singapore are also generally supportive of the cryptocurrency boom. DBS, Singapore’s largest bank, has set up a digital exchange which enables investors to tap into a fully integrated tokenisation, trading and custody ecosystem for digital assets.

When asked about the potential growth of the digital exchange, DBS CEO Piyush Gupta shared an optimistic view of the future of cryptocurrency.

“I do think given the amount of interest in all the four cryptos that we trade now, that interest is quite high. Therefore, I do think it will pick up. But whether it picks up to tens of millions, or hundreds of millions of income over the next few years, it’s hard to say. So my thinking is, we should get in there, figure it out and grow and then we’ll get a better sense for how big this could be in time.”

DBS CEO Piyush Gupta

Featured Image Credit: Blockchain News

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