According to the results of a recent survey funded by the Gemini cryptocurrency exchange, the Cardano network’s $ADA token is the third most popular cryptocurrency in Singapore.
The company’s “Singapore Cryptocurrency Status 2021” report says the purpose of the study was to find out what investors, those with and without any ownership of cryptocurrencies, in Singapore think about the sector. The survey included 4,348 adults residing in Singapore aged between 18 and 65 years.
Of the 4,348 respondents, 2,862 had cryptoactives in their portfolio. Of those who said they did not own the digital assets, 1,486 were consumers “who may be interested in learning more or starting to invest in cryptocurrencies.”
According to the study, 79.9% of cryptocurrency owners are men and 80.2% are under 34 years old. About 34% of those who do not yet have cryptocurrencies plan to buy in the next 12 months.
Cryptocurrency investors seem to be more risk-averse than the male audience. Of the cryptoactive investors who have less than 5% of their overall portfolio in assets, 46% are women and 34% are men.
The eight most popular cryptoactives in the country are Ethereum (78%), Bitcoin (69%), Cardano (40%), Binance Coin (31%), XRP (25%), Tether (25%), Polkadot (22%) and Chainlink (18%).
About 67% of cryptocurrency holders have invested more in the sector due to the economic complications of 2020 and 2021, perhaps as a way to hedge against potential inflation.
About 68.8% of people who do not have cryptocurrencies said that the main reason for not having cryptoactives is the lack of understanding about the subject. 81% of investors said they are HODLers, that is, long-term investors in cryptoactives.
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