Gemini Singapore Report: COVID-19 Prompts Two-Thirds of Investors to Increase Crypto Holdings

Today, we are excited to release the 2021 State of Crypto in Singapore report, which outlines crypto’s broadening appeal among current investors and the crypto-curious in Singapore.

The report, published jointly with personal finance community platform Seedly and crypto price-tracking website CoinMarketCap, found that the COVID-19 pandemic has prompted more than two-thirds of current crypto holders to increase their investments in crypto.

The survey also showed that 67% of Singaporean investors who own personal investment products hold crypto as part of their portfolios. The remaining 33% of those not invested in crypto cited a lack of knowledge and understanding of digital assets as a barrier to investing. More than 50% said that markets are “too volatile” and almost one third (29%) said they are unsure how to go about investing in cryptocurrency.

Notably, crypto is also gaining in popularity among older age groups, with the survey indicating that 20% of crypto investors are over 35.

Other noteworthy results from the survey include:

• 81% of crypto holders said that buying and holding crypto for the long-term investment potential is the top reason to invest in crypto. This is followed by 58% of crypto holders who trade crypto to earn profits, and 43% who have used crypto deposits to earn interest.

• Across the various cryptos, ether is the most popular among crypto holders (78%), followed by bitcoin (69%) and Cardano (40%).

• The median annual income of women crypto investors is higher than that of men who own crypto, falling within the S$55,001 to S$75,000 annual income bracket, whereas male crypto investors’ median annual income falls within the S$45,001 to S$55,000 bracket.

• The average age of a crypto holder is 29 years old and 19% of the crypto holders are women.

The State of Crypto in Singapore report offers a promising outlook for the future growth and adoption of crypto, with valuable insights that can help bring more people into this revolutionary asset class. To learn more about our findings, you can download the full report here.

This report underscores the increased crypto adoption across the globe as seen in our recent 2021 State of U.S. Crypto and State of UK Crypto reports.

Onward and Upward!

Team Gemini

The Seedly x Gemini x Coinmarketcap State of Crypto in Singapore Report is based on a total sample of 4,348 Singapore based adults, ages 18 to 65 across varying household incomes. Survey respondents were polled from 29 June 2021 to 9 July 2021 and included 2,862 self-identifying current crypto holders and 1,486 non-crypto holders.