Singapore: Over Half of Respondents Hold Cryptocurrencies, Says Coinbase and Seedly Report
A recent report by Seedly in collaboration with Coinbase reveals that 57% of respondents in Singapore are crypto holders, indicating a strong interest in cryptocurrencies as an asset class. The survey, conducted by Seedly and Coinbase, interviewed 2,006 adults of all ages in Singapore with various income levels between October 23 and November 15, 2023.
Additionally, the report highlights that 46% of respondents are optimistic about cryptocurrencies in 2024, while 56% believe cryptocurrencies are the future of finance. In terms of ownership, 56% of respondents stated that they own between $1000 and $24,999 worth of crypto.
Singaporeans’ Advantages and Concerns as Crypto Traders
The Coinbase-Seedly report also sheds light on the benefits that Singapore residents hope to gain as crypto traders. The main reasons cited include short-term gains (60%), long-term capital appreciation (60%), and portfolio diversification (56%). However, some individuals choose not to participate in crypto trading due to concerns about market volatility (57%), high risk (53%), and lack of regulation (45%).
The survey also reveals that staking is a popular activity among crypto users in Singapore. About 55% of respondents have engaged in crypto staking through centralized exchanges in the past year, while 38% would have staked on decentralized platforms within the DeFi space.
The Survey Follows Coinbase’s Full License Acquisition
This collaboration between Coinbase and the survey on Singapore residents comes after Coinbase obtained a full license from the Monetary Authority of Singapore (MAS) in October 2023. This license allows Coinbase to offer a wider range of digital payment token services to retail and institutional customers in the region.
Hot Take: Singapore Embraces Cryptocurrencies with Over Half of Respondents Holding Crypto
A recent report by Coinbase and Seedly reveals that more than half of the respondents in Singapore are crypto holders, indicating a strong interest in cryptocurrencies as an asset class. The survey also shows optimism about cryptocurrencies in 2024 and a belief that they are the future of finance. Singaporeans recognize the advantages of being crypto traders, such as short-term gains, long-term capital appreciation, and portfolio diversification. However, concerns about market volatility, high risk, and lack of regulation prevent some individuals from participating in crypto trading. The survey also highlights the popularity of staking among crypto users in Singapore. This positive sentiment towards cryptocurrencies aligns with Coinbase’s acquisition of a full license, allowing them to offer comprehensive digital payment token services in the region.
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