Just yesterday, Live Bitcoin News published a piece discussing how few Americans are investing in cryptocurrency. While many residents of the region have no doubt heard of bitcoin and its digital counterparts, it appears many of them have not actually taken the leap into buying them. However, in Singapore, it seems that these results are the exact opposite, as the country has full-on embraced BTC and its virtual brothers and sisters.
Singapore Really Loves Its Crypto
While the positivity towards crypto appears to be rampant amongst all generations in the country, it looks like it’s the younger generations that are really eating up bitcoin and digital currencies. A new survey has come about through the efforts of Toluna, a customer insights provider firm based in Australia. According to the data, approximately 93 percent of people in Singapore have heard of cryptocurrency, while just under half own it. This is huge compared to the mere six percent of American adults that own crypto, according to a new Gallup poll.
About 1,000 individuals took part in the survey, and about 66 percent of the people in the survey claimed to own some sort of stake in digital assets. 26 to 45-year-olds showed the highest rate of crypto adoption. In addition, just under 60 percent of those participating in the survey said that bitcoin would likely reach mass adoption in the coming future, while about half said that they believed bitcoin would eventually surpass a price of $360,000 per unit by the year 2030.
Just under three quarters of the participants said that they had made money on whatever crypto they held. In addition, 18 to 25-year-olds appeared to be twice as familiar with altcoins such as Ethereum as they were with bitcoin.
The survey reports:
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.
Clear Regulation and More Media Coverage
One difference between Singapore and America is that digital currency and blockchain both receive far more media coverage, meaning individuals are going to be more aware of their properties and benefits. For example, central bank digital currencies (CBDCs) are known to get plenty of airtime, while other advertisements and additional media spots cover topics such as bank-based crypto adoption and incoming regulations.
In addition, the nation has been rather clear regarding present rules and laws surrounding crypto activity. For example, 2019 saw the country initiate what’s known as the Payment Services Act, which makes it so that all crypto exchanges are treated as traditional monetary transmitters, and therefore must garner licenses to be in business.