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Singaporeans’ Favorable View of Bitcoin
Singaporeans are increasingly viewing Bitcoin in a favorable light, especially after the recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States. A new report from the digital currency exchange Independent Reserve reveals that 39% of Singaporeans have expressed a more positive view of Bitcoin following this development.
Awareness of Spot Bitcoin ETFs
51% of respondents in Singapore are aware of the US SEC’s approval of spot Bitcoin ETFs, indicating a high level of knowledge about this significant milestone in the cryptocurrency market.
Interest in Overseas Offerings
33% of participants in Singapore are open to investing through overseas offerings due to the unavailability of such products for retail investors in the country.
Crypto Investors’ Plans in Singapore
With the Bitcoin halving event approaching, 48% of crypto investors in Singapore plan to increase their Bitcoin holdings over the next 12 months. This sentiment is particularly strong among investors with more than 50% of their portfolio in cryptocurrencies.
Preference for Direct Bitcoin Investment
When given a choice, 75% of Singaporeans prefer to invest directly in Bitcoin through cryptocurrency exchanges, citing reasons such as lower fees and a wider range of trading options.
Insights from Independent Reserve
According to Lasanka Perera, CEO of Independent Reserve Singapore, the arrival of spot Bitcoin ETFs has significantly boosted demand for Bitcoin, with growing trust and understanding of the cryptocurrency among Singaporeans.
Positive Shift in Public Perception
The Independent Reserve Cryptocurrency Index (IRCI) for Singapore scored 56 this year, indicating a positive shift in public perception towards cryptocurrencies despite a slight decrease in overall awareness and ownership.
Experienced Crypto Investors in Singapore
More than half of Singaporean cryptocurrency investors have been in the market for over three years, with portfolios becoming more diverse. Diversification remains a key motivation for investors, with 52% aiming to expand their investment portfolios.
Market Confidence and Optimism
Despite market volatility, 53% of respondents plan to invest more in their existing portfolios, while 45% are interested in diversifying into new projects, reflecting growing confidence and optimism in the market.
Widespread Acceptance of Cryptocurrencies
55% of respondents believe that cryptocurrencies will be widely accepted by businesses and the general public, indicating a positive outlook on the future of digital assets.
Key Findings from a Recent Report
A recent report by Seedly and Coinbase revealed that 57% of respondents currently hold digital assets, with the majority investing between US$1,000 and $25,000.