Ether is more popular than Bitcoin in Singapore, new study finds

Cointelegraph Team Cointelegraph

Being a crypto-friendly country has paid off in terms of adoption, as a new study about Singapore revealed.

“The State of Crypto in Singapore Report 2021,” conducted by crypto exchange Gemini in partnership with CoinMarketCap and Seedly, found that more than two-thirds of Singaporeans who have financial investments currently hold crypto.

The report, which sampled 4,348 Singapore-based adults who self-identify as having or being interested in personal finance and investment products, shows that 67% of the respondents currently own crypto assets.

While one in five crypto holders are women, the study profiles the average Singaporean crypto holder as a “29-year-old male with an average annual household income of about 51,968 Singapore dollars ($38,456) a year.”

Regarding the distribution of crypto assets held by Singaporean investors, Ether (ETH), the native cryptocurrency of the Ethereum blockchain, takes a clear lead with 78% as the most popular cryptocurrency, while 69% of crypto holders own Bitcoin (BTC). Cardano (ADA) and Binance Coin (BNB) follow the top two at 40% and 31%, respectively. One in four investors hold XRP and Tether (USDT), according to the survey.

The report reveals that people’s interest in crypto increased partly due to the COVID-19 pandemic, as 67% of crypto holders invested more during the pandemic to hedge against inflation or invest their increased disposable incomes due to lockdowns.

On the other hand, a lack of knowledge and understanding is the leading factor deterring non-crypto owners from investing in the assets class. The volatility of crypto markets, the risky nature of crypto investments and the lack of regulatory oversight were also noted as barriers to investing.

Another study with a smaller sampling group recently revealed that 46% of Singaporeans plan to buy digital assets in the next 12 months. With a zero capital gains tax on cryptocurrency income, Singapore established itself as a hub for crypto and blockchain in the Asia Pacific region.

Author

Cointelegraph Team

Cointelegraph

We are privileged enough to work with the best and brightest in Bitcoin.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

Crypto market outlook for 2026

Year 2025 was volatile, as crypto often is. Among positive catalysts were favourable regulatory changes in the U.S., rise of Digital Asset Treasuries (DAT), adoption of AI and tokenization of Real-World-Assets (RWA).

Sberbank issues Russia's first corporate loan backed by Bitcoin

Russia's largest bank Sberbank launched the country's first Bitcoin-backed corporate loan to miner Intelion Data. The pilot deal uses cryptocurrency as collateral through Sberbank's proprietary Rutoken custody solution.

Bitcoin recovers to $87,000 as retail optimism offsets steady ETF outflows

Bitcoin (BTC) trades above $88,000 at press time on Tuesday, following a rejection at $90,000 the previous day. Institutional support remains mixed amid steady outflow from US spot BTC Exchange Traded Funds (ETFs) and Strategy Inc.’s acquisition of 1,229 BTC last week.