Singapore, which is known for having crypto-friendly regulations, is one of the foremost emerging countries in Asia when it comes to crypto adoption. According to the “State of Crypto in Singapore” report, which surveys 4,348 Singapore-based adults who claim to have or be interested in personal wealth and investment portfolios, shows that 67% of the respondents currently own cryptocurrencies. And the ratio of women to men who own crypto is 1:5; the study suggests that the average Singaporean crypto holder is a 29-year-old male with an annual income of SGD 51,968 ($38,456) a year.

Among all other cryptocurrencies, Ethereum (ETH) is the most popular with 78% of Singapore’s crypto holders owning the crypto, followed by 69% who own Bitcoin (BTC), and 40% who own Cardano (ADA).

Two-thirds of the respondents stated that the Covid-19 pandemic pushed them to invest their money in crypto for future gains. The survey also found that more women bought and held XRP and Polkadot than men, while USDT was more popular among male citizens. 81% of the respondents see cryptocurrency as a long-term investment, 58% plan to trade them to earn short-term profits, while 43% deposit cryptocurrency to earn interest.

Lack of knowledge and understanding is the main reason why non-crypto holders avoid investing in digital assets. Other reasons are asset risk, investor insurance, and volatility and lack of regulations. Still, 34% plan to buy their first cryptocurrency in the next 12 months.

With Singapore‘s growing momentum in the crypto world, more Singaporean investors are feeling encouraged to invest in digital currency. This evaluation calls for a greater demand for financial literacy focused on crypto investment, for both the crypto-curious and the current investors in Singapore.