Coinbase: Most Singaporeans Own Crypto

Coinbase: Most Singaporeans Own Crypto

Cryptocurrencies have entered the mainstream in Singapore with most of the population having at least some exposure to the digital asset, according to a survey by Coinbase.

The majority of Singaporeans (61 percent) own cryptocurrencies, according to a survey jointly published by Coinbase and fintech platform MoneyHero.

Unsurprisingly, younger investors were the dominant segment with those aged 18 to 34 years accounting for 70 percent of crypto holders. By gender, 68 percent were male.

HODL Versus Trading

The majority of owners were long-term investors (58 percent) – a behavior popularly described as HODL or «hold on for dear life». 22 percent and 20 percent were occasional and active traders, respectively. 42 percent have invested in crypto for over two years.

74 percent allocated 10 percent or less of their portfolios to the digital asset class with an average of three different types of cryptocurrencies. The median portfolio size was S$3,000 ($2,300) to S$5,000.

Price Forecast

In the next 12 months, 25 percent expect the price of Bitcoin to hit $100,000 to $150,000 while 15 percent see an upside of above $150,000. However, the majority have a more moderate forecast of $50,000 to $100,000. 18 percent see the blue chip token falling under $50,000. Bitcoin is currently valued at nearly $86,000.

The report was based on a survey of 3,513 active retail investors and members of the wider crypto-curious public in Singapore between August 15 and 19 this year.