According to the results of a recent survey (partly sponsored by crypto exchange Gemini), Cardano’s $ADA token is the third most popular cryptocurrency in Singapore.
Gemini’s “State of Crypto in Singapore 2021” report says the purpose of this survey was to find out what investors (both those with and without any crypto holdings) in Singapore think about the cryptocurrency asset class. The results are based on a survey of 4,348 Singapore-based adults (between the ages of 18 and 65).
The polling of the respondents was done between June 29 and July 9. Out of the 4,348 respondents, 2,862 were existing crypto holders and 1,486 were consumers “who might be interested to learn more or start investing in cryptocurrency.” The figures quoted below are in Singapore Dollars (SGD).
Here are a few of the more interesting highlights from this report:
- 79.9% of those holding crypto are men, and 80.2% of the crypto holders are under 34.
- 34% of the those who don’t already own crypto are planning to buy some in the next 12 months.
- Female crypto holders seem to be risk-averse than their male counterparts; for example, out of the crypto investors who have less than 5% of their overall portfolio in crypto, 46% are women and 34% are men.
- The top eight most popular cryptoassets and the percentages of the crypto holders that own these coins are as follows: Ethereum (78%), Bitcoin (69%), Cardano (40%), Binance Coin (31%), XRP (25%), Tether (25%), Polkadot (22%), and Chainlink (18%).
- 67% of crypto holders put more money into crypto due to the COVID-19 pandemic, perhaps as a way to hedge against potential future high inflation.
- 68.8% of non-crypto holders said that the main reason for not owning any crypto is their lack of understanding of crypto.
- 81% of the crypto holders are HODLers (i.e. adopting a “buy and hold” strategy).
As reported by crypto news outlet Decrypt, back in March, Voyager Digital released the results of its first Digital Asset Investor Sentiment Survey. Among those retail U.S. investors who were surveyed, the cryptocurrency they were most bullish on was Cardano (with 31.8% of the votes); Bitcoin and Ethereum took the second and third spots.
Steve Ehrlich, CEO of Voyager Digital, told Decrypt:
“This clearly demonstrates the enthusiasm that our user base has towards cryptocurrencies, both from the investment and trading perspectives… Of course, everyone is talking about Bitcoin these days, but seeing Cardano coming ahead of it was a really big surprise for us.“
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.