The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
As one of the world’s leading crypto hubs, Singapore’s crypto adoption continues to rise as investors interest increases. According to a recent survey by Independent Reserve, one of the region’s licensed crypto exchanges, more and more Singapore investors consider Bitcoin a worthwhile investment asset. The exchange noted that there has been keen interest in retail investment in the country, with positive sentiment surrounding the industry.
The survey conducted by Independent Reserve researched across age groups and genders of the population in Singapore. According to the results, there has been a strong uptick in how investors perceive the digital market, from crypto to decentralised finance (DeFi) and that investors in the region are looking at the emerging technology industry as investment opportunities. Raks Sondhi, managing director of Independent Reserve Singapore, commented on the rise in crypto investors in the country, noting:
“58% [Singaporeans surveyed] perceive Bitcoin as an investment asset or a store of value.”
As per Independent Reserve’s survey, 51% of the surveyed individuals are likely to recommend cryptocurrency to friends and family as an investment option. This means there is increased trust in the industry, leading to more investors believing Bitcoin and other cryptos are assets that could gain profit in the future. Last year, almost 60% of Singapore investors perceived Bitcoin as an asset that could reach mass-scale adoption in the future. In addition to this, 59% of retail investors believe that crypto will reach wide use-case across sectors. 15% of investors believe Bitcoin has the potential to become a form of money, either as a replacement for or in addition to fiat currencies across the world.
Independent Reserve points to seven major factors in building and increasing trust in the crypto region. According to the exchange, the most important elements for crypto trust are:
- Clarity around government regulations,
- Price stability and reduced volatility,
- Education and insight into how crypto works and the market,
- How many businesses use crypto and whether they transact with digital currencies,
- Ease of use and user-friendly platforms,
- Not being monitored or tracked, and
- Options to ensure crypto can be used.
As per the results from the survey, government regulation and clarity from national legislation is the most important factor to Singaporean investors. As more regulation is put in place, more trust will be built in the market. Price stability is among the most important factors, as investors look to reduce there high risk of the volatility in the market. Education is also deemed an important factor to crypto investors. As these concerns are mitigated and regulation and education increases in the region, the interest in cryptocurrency has increased in the country. As per the report:
“47% plan to increase investment into their current crypto portfolio in the next 12 months.”
According to the survey, those most interested in the cryptocurrency and decentralised market are the younger investors between 18 and 25 years old. The NFT market has seen increased interest in this age-group in the country, according to the results.