Singapore has become one of the world’s biggest cryptocurrency hubs, and Singaporeans are increasingly adopting crypto as an investment or payment method, according to new survey results released by Asia-Pacific cryptocurrency alternate Independent Reserve.
According to the survey results, 43% of those polled said they owned cryptocurrency, with 46% planning to buy digital property within the next year. Two-thirds, or 66%, of respondents between the ages of 26 and 45 said they owned cryptocurrencies.
Unsurprisingly, 93% of those polled had heard of Bitcoin. BTC was described as a “investment asset” by nearly 40% of respondents, and a “store of value” or “digital gold” by 25%. Three-quarters of those aged 26 to 35 believe cryptocurrencies will be widely accepted by individuals and businesses.
These findings confirm that cryptocurrency adoption in Singapore has been steadily increasing. This adoption has primarily come from the younger generation of investors, the majority of whom are actively looking for new sources of income as well as ways to successfully capitalise on the generational wealth potential of Bitcoin and other cryptocurrencies. While cryptocurrency is mostly thought of as an investment at present, it will soon be widely accepted and used as a method of payment much like cash or credit cards in Singapore.
A range of factors has played a role in attracting people to crypto and making them see it as an asset worth investing in. Crypto is easy to use and doesn’t require a credit card or bank account. Since crypto isn’t connected with any country or government, it can be transferred freely between people anywhere in the world in a matter of minutes. In addition, some cryptocurrencies have social impact initiatives attached (for example, CryptoKitties were created with a portion of each sale going towards saving real-life animals), providing another reason why people in Singapore are buying them up so quickly.
So, what can we expect 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. You don’t want to worry about losing your BTC or ETH as much as you want to focus on increasing their value. 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.