The new 2021 State of Crypto in Singapore, a joint study by Seedly, Gemini, and Coinmarketcap, contains a survey of 4,348 Singapore-based adults ages 18 to 65 across varying household incomes.
Conducted between June 29 and July 9, it included 2,862 respondents who said they were current crypto holders and 1,486 respondents who said they were non-crypto holders.
According to the survey results, 78% of respondents who had crypto said they owned Ethereum (ETH), 69% owned bitcoin (BTC), 40% owned Cardano (ADA), 31% owned Binance coin (BNB), and 25% owned XRP.
More Investing Into Crypto Due To The Covid-19 Pandemic
Interestingly, the report notes, “Out of 2,862 people who invested in crypto, two-thirds of them invested more into crypto because of the Covid-19 pandemic.” This shows that the Covid-19 pandemic has spurred more Singaporeans to invest in crypto.
The fears and uncertainties created by a deadly pandemic might seem counterintuitive to invest more of our hard-earned cash into cryptocurrencies. But it turns out that’s exactly what’s happening right now as people rush to put their cash into digital assets that aren’t controlled by banks or governments — to protect their savings from global uncertainties and financial instability.
The crypto world could be a safe haven for investors seeking shelter from fear of another crisis such as economic collapse and other natural disasters. As traditional stocks plummeted during the financial crisis and investors clamored for ways to protect their assets against future turmoil, turning to cryptocurrencies may seem to be a viable solution.
In fact, Cardano hit an all-time high of $2.58 on 20 August 2021, a jump of more than 18%. Year to date, it has seen returns of 1,294%, according to CoinDesk.
Crypto Offers Higher Potential Yield Than Traditional Investment Tools
Singaporeans may be primarily interested in these popular coins because they offer opportunities for gains beyond what can be expected from traditional fiat currency markets. An increasing number of people are using crypto to diversify their portfolios — and that trend is expected to continue.
Investing in cryptocurrency is seen as a better alternative to holding money in a bank account or fixed deposit. Although there is a risk that you will not be able to recover your principal investment, it is still potentially extremely profitable in the long run.
Furthermore, Singapore is not only known as one of the most business-friendly countries in the world, but it’s also known as one of the most developed and technologically advanced countries in Southeast Asia. So, it’s no surprise that this country also has one of the highest interest rates when it comes to blockchain and cryptocurrency-related developments.
Dire Safety Issues In The Crypto World
While it’s true that short-term crypto investing is better than putting your money in a fixed deposit account (based on their historically low returns), crypto markets tend to be incredibly volatile; nobody knows for sure what currencies will rise and fall in value tomorrow. The growing use of cryptocurrencies has also raised concerns over security.
Leading Japanese cryptocurrency exchange Liquid has been hit by hackers this August, with almost $100M estimated to have been stolen. This isn’t unusual — crypto exchanges are hacked on a pretty regular basis.
This is just one example of how vulnerable blockchain technology can be to hackers and cryptocurrency users should be aware of that when they are deciding on which platform to invest their money in.
Ultimately, when dealing with cryptocurrencies there’s always going to be some risk involved (if not for yourself then at least for those around you). But investing in a secure, cold wallet to protect yourself from these dangers doesn’t need to be difficult.
The Future of Crypto In Singapore
Moving forward, we may see an uptick in demand for secure storage of cryptocurrency. Despite a large number of people owning crypto across all age groups in Singapore, there is still a low percentage who are keeping their coins in wallets rather than on an exchange. We expect to see more market penetration for hardware wallets as there is substantial scope for crypto storage and safekeeping solutions to be adopted.
With more people owning crypto than ever before, they want peace of mind that it’s being kept safe at all times. It doesn’t matter if you lost it because of poor password security, a flaw in an exchange or any other reason—your digital coins would be gone and they aren’t coming back. You should protect yourself from becoming one of these people by purchasing a safe cold storage device.
When it comes to your cryptocurrency, security is always at the top of our minds. Our upcoming next-generation hardware wallet, UKISS HUGWARE, offers you everything you could want from a cold storage solution: multi-currency support, local access to your private keys, and a convenient recovery device. No more keeping digital assets on exchanges or managing different accounts from different wallets. UKISS HUGWARE will empower both newbies and experts alike so that everyone can take part in secure cryptocurrency storage, at home or on-the-go.
Stay tuned for more information on how you can purchase your very own UKISS HUGWARE!
About UKISS Technology
UKISS Technology is pioneering the next-generation cryptosecurity wallet that is simple, safe, and secure to use. Their technology has also been granted patents in most major markets including China, the United States, Europe, Asia, and India. Their clients include government ministries, leading medical healthcare providers based in the APAC region, and major FinTech players. Stay tuned for more information.