The inaugural 2021 Independent Reserve Cryptocurrency Index, or IRCI, is based on a poll of 1,000 Singaporeans from a representative background of gender, age and location.
The Australian trading venue Independent Reserve (IRCI) surveyed 1,000 participants to determine the level of cryptocurrency adoption in Singapore. Per the statistics, 43% of the locals already own crypto.
Taking a closer look, the results showed that the younger generations are especially keen on Bitcoin and altcoins as 66% of them answered they are hodlers. 46% of the participants said they intended to enter the crypto space in the next 12 months.
Mass awareness of digital assets in Singapore is also at high levels. 93% of the locals said they have heard of Bitcoin, which positioned it undisputedly in the first position. 40% described the primary cryptocurrency as an “investment asset,” while 25% opined it is “digital gold” and a “store of value.”
The youngest participants in the survey those between 26 and 35 were among the biggest proponents of cryptocurrencies. About 75% of them believe that the asset class will soon be a subject of mass institutional adoption.
The Chief Executive Officer of Independent Reserve Adrian Przelozny explained the results with the fact that Singapore is a “key hub in Asia due to its robust and well-regulated financial markets and infrastructure and openness to new technologies.”
At the beginning of 2021, the Central Bank of Singapore opined that Bitcoin could succeed as a store of value if it manages to cope with issues such as its volatile nature. Chief economist Mansoor Mohi-uddin said:
“First, investors need trustworthy institutions to be able to hold digital currencies securely. Second, liquidity needs to improve significantly to reduce volatility to manageable levels.”
The Singaporean private banking arm of OCBC Bank dismissed the chances of cryptocurrencies to replace fiat currencies as a medium of exchange eventually. However, the large financial institution believes that BTC and other altcoins could become a substitute for gold in terms of serving as a store of value.
Additionally, Mohi-uddin warned that if governments feel threatened by the existence of particular digital assets, they could fight back, which is the case with the growing trend of central bank digital currencies.
