Robert Steinadler, 2 months ago

Singapore is leading the crypto mass adoption

Mass adoption is an idea that is marveled by the Bitcoin community for a long time. One fine day the world would finally understand how beneficial it is to use BTC instead of cash and shift completely. But Bitcoin isn’t the only cryptocurrency and some are not aiming to be sound money, but rather trying to offer an alternative to existing financial products of all kinds. Both visions have their merit and it seems that there is a place where investors are showing confidence that the attached value proposition is valid in both cases.

How and why is Singapore leading the crypto adoption?

Over 40% own crypto

According to a study from the IRCI, over 40% of all investors in Singapore own cryptocurrencies of some kind. Around 1500 Singaporeans participated in the survey. Another interesting fact is that around 91% of the participants said that they are aware of the asset class.

Bitcoin is the most popular crypto asset (87% recognition) closely followed by Ethereum (51% recognition). The main reason why investors were looking into crypto is to diversify their portfolios and the hope that they could get rich. Younger people are generally more drawn to crypto than older generations.

Another interesting aspect is, that high-income investors generally allocate a larger amount of their portfolio to crypto. They are also the group with the highest confidence that crypto will succeed in the long run.

Is this what mass adoption looks like?

No, the term refers to the idea that everybody is using crypto. It appears that in Singapore a larger group of people is willing to invest in crypto. In conclusion, they may also believe that crypto mass adoption will happen at some point which would explain their confidence.

For mass adoption to happen a few things are needed. The first one is clear regulation and the EU is leading this effort. The second is exciting products that offer a real advantage over other solutions. Crypto has a huge advantage in payments and remittances. When adding DeFi to the list it becomes clear that there are almost no limits to what can be done in terms of financial products.

The stage is set and all that it takes is a leap of faith and the willingness to try something new. While European investors are not as much involved in crypto as they are in Singapore, the number of people investing in crypto is also rising in the EU.

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