Singapore has become a big crypto haven in recent years, largely due to an alleged spike in coronavirus cases. Thanks to the pandemic, many citizens and residents of the country got scared about their financial situations and sought ways to keep themselves safe and wealthy during times of strife.
Many People in Singapore Are Investing in Ethereum
One of the ways to do this was by diversifying their portfolios, which means more crypto investments. However, rather than turning to bitcoin – which is the typical thing to do given that BTC is the world’s most popular and largest digital currency by market cap – it looks like most residents of Singapore are turning to Ethereum, which is the second largest cryptocurrency out there and the number one competitor to bitcoin.
A new survey suggests that over the past year, approximately 67 percent of citizens in Singapore have begun to diversify their portfolios through crypto measures, and many of these participants now have ETH in their digital wallets. In fact, as many as 78 percent of the people taking part in the survey said that they owned Ethereum. This is about eight percent more than those who claimed to have bitcoin in their accounts.
From there, approximately 40 percent of the participants claimed to own Cardano. More than 4,300 individuals took part in the survey, while more than 2,800 of them owned cryptocurrencies. The survey was conducted by Gemini, Coin Market Cap, and Seedly. Many of the participants were between the ages of 18 and 65, and about half of the alleged cryptocurrency owners were between 25 and 34. Approximately 18 percent of crypto owners taking part in the survey were over the age of 35.
But while all this information sounds rather solid on paper, the fact remains that about 33 percent of residents of Singapore do not own any form of digital currency, labeling their lack of knowledge as the primary reason why. While crypto is getting rather big in Singapore and the rest of the world, education remains limited, and many claim to know nothing or not enough about digital currencies to make any sort of solid financial decision.
Will It Soon Beat BTC?
Ethereum has gained quite a bit of momentum in the crypto space, with many outlets – such as financial giant Goldman Sachs – claiming that the currency will one day outdo bitcoin. Ethereum has gained a heavy load of popularity in recent years given that its network boasts smart contact capabilities. This has caused it to be the go-to network for many crypto developers looking to build new coins and decentralized applications (dapps).
In addition, Ethereum is moving closer to a proof-of-stake module after being trapped in a proof-of-work state for a long time. This will allow many crypto holders to make money on their current holdings.