As per the information provided by the first IRCI (Independent Reserve Cryptocurrency Index) of 2021, which is built upon a poll of a total of 1,000 of Singapore’s residents who are representative of a particular gender, location, age, and background, 43% of the respondents had admitted to owning crypto.
Furthermore, 46% have intentions of purchasing digital assets latest by 2022. Additionally, 66% (or 2/3rds) of the respondents between the ages of 26 and 45 had also confessed to owning cryptocurrencies. Moreover, almost 40% had considered Bitcoin to be a kind of ‘investment asset,’ and 25% sees it as ‘digital gold’ or a new ‘store of value.’ Lastly, over 90% of those that had participated in the poll had indeed heard about Bitcoin (BTC) to some extent, even if there was not too much of a familiarity.
Crypto adoption within Singapore is increasing
Keeping the abovementioned information in mind, it is therefore easy to conclude that Singapore has been experiencing a steady increase as far as cryptocurrency adoption goes. This adoption had primarily been from the younger generation of investors, most of whom are actively searching for new sources of income as well as ways to successfully capitalize on Bitcoin’s (along with other various digital assets’) exponential generational wealth potential.
Interestingly, most people between the ages of 26 and 35 had stated that it is largely believed in Singapore that crypto shall indeed become fully accepted by businesses, organizations, and individuals alike. As such, this sentiment shall reverberate around the country to the point that Singaporeans will come to completely embrace digital assets such as Bitcoin across numerous segments and industries. As far as the government goes, there have been discussions with France’s central banks regarding the possible implementation of a CBDC or just the exploration of cross-border applications in general.
New ideas are encouraged
The main central bank of Singapore had gone out of its way to provide cash prizes to citizens who can come forth and present new and innovative ways of implementing digital currency-oriented ideas.
Independent Reserve’s CEO, Adrian Przelozny, considers the country to be an important hub within Asia mainly because of Singapore’s highly regulated and robust financial market framework and infrastructure, as well as its open-mindedness when it comes to new technologies and practices.
Independent Reserve’s managing director, Raks Sondhi, had stated that the nation should do its best to lead the charge and will strive to obtain license applications via the world’s top digital assets exchanges, which have since already been sent out.