Most Singaporeans are positive about cryptocurrencies, but it is the country’s younger population that is adopting digital coins at a large scale, mainly owing to the city-state’s pro-crypto regulation.
Toluna’s survey, which polled around 1,000 people, was conducted in May and was undertaken using the Independent Reserve Cryptocurrency Index, or IRCI, a research method that assesses the level of cryptocurrency acceptance in a country by the grade of its adoption, trust, awareness, and confidence.
It showed 93 percent of all Singaporeans had heard of crypto and 43 percent owned it, with adoption being the highest among 26 to 45 year-olds. In this age bracket, 66 percent of respondents said they owned some crypto. In comparison, in the US only six percent of adults said they invested in Bitcoin, according to a recent Gallup poll.
The Singapore survey showed that 59 percent believed crypto would reach mass adoption and half of the respondents were convinced that Bitcoin would be worth more than $367,000 by 2030, roughly 10 times what it’s worth right now.
In the debate around whether regulation of cryptocurrencies was a weak point for them, Singapore has shown how beneficial clear rules can be for crypto adoption, the survey said.
“As a key financial hub in Asia, Singapore has a high level of cross-border transactions, which means digital currency provides a real use-case and potential benefits for its economy. This regulatory acceptance coupled with Singapore’s reputation as ASEAN’s fintech hub will make it a haven for cryptocurrency exchanges and startups over the next few years,” the report said.
According to Investvine