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Approval of Spot ETFs in the US Has Boosted Bitcoin Favorability Among Singaporeans

With the recent green light for spot Bitcoin exchange-traded funds (ETFs) in the United States, Singaporeans are increasingly warming up to Bitcoin. A fresh report by the digital currency exchange Independent Reserve reveals that 39% of Singaporeans now hold a more favorable perception of Bitcoin in light of these approvals.

Moreover, there’s a notable awareness among Singaporeans regarding the US SEC’s nod for spot Bitcoin ETFs, with 51% of respondents acknowledging this significant development. Additionally, 33% of participants are willing to explore investment options through overseas offerings, considering the lack of access to such products for retail investors in Singapore.

Crypto Investors in Singapore Plan to Increase BTC Holdings

With the Bitcoin halving event looming in April, nearly half, or 48%, of crypto investors in Singapore have outlined plans to boost their Bitcoin holdings within the next 12 months.

Interestingly, this inclination is notably pronounced among investors who already allocate more than 50% of their portfolio to cryptocurrencies, with a significant 68% aiming to bolster their Bitcoin investments further.

When presented with options, a substantial 75% of Singaporeans express a preference for direct investment in Bitcoin via cryptocurrency exchanges over utilizing Bitcoin ETFs. They cite reasons such as lower fees and a broader array of trading opportunities offered by cryptocurrency exchanges.

“The advent of spot Bitcoin ETFs, long anticipated, has injected a tremendous surge in demand for Bitcoin, as institutional investors channel billions of dollars into the market,” remarked Lasanka Perera, CEO of Independent Reserve Singapore.

He further added, “The burgeoning trust and comprehension of Bitcoin have witnessed significant growth in recent years, prompting more Singaporeans to diversify their allocations.”

This year, the Independent Reserve Cryptocurrency Index (IRCI) for Singapore has marked a score of 56, indicating a notable shift in public sentiment towards cryptocurrencies. While there might be a slight dip in overall awareness and ownership of cryptocurrencies, other vital metrics point towards an escalating confidence and optimism within the market.

Singaporean Crypto Investors Are Becoming Experienced

The study also unveiled a growing trend of experience among Singaporean cryptocurrency investors. Over half, precisely 52%, have been actively involved in the market for over three years. Furthermore, their investment portfolios are evolving towards greater diversity, with 16% now holding six or more distinct cryptocurrencies.

Interestingly, diversification continues to serve as a primary driver for Singaporean crypto enthusiasts, with 52% leveraging cryptocurrencies to broaden their investment horizons.

Despite the inherent volatility in the market, a significant 53% of respondents intend to increase their investments in their existing portfolios. Additionally, 45% expressed keen interest in diversifying into new projects, signaling a resilient appetite for exploring fresh opportunities amidst market fluctuations.

Experienced investors, defined as those with over five years of market experience, are actively involved in frequent trading, with 61% executing trades at least once a week, a notable contrast to newcomers.

This year, a striking 64% of cryptocurrency owners reported profitable outcomes, marking a significant surge from previous years, while merely 10% encountered losses.

Moreover, more than half of the respondents, precisely 55%, harbor beliefs in the widespread acceptance of cryptocurrencies by businesses and the general public. Interestingly, 35% of non-crypto owners also share this conviction.

A recent collaborative report by Seedly and Coinbase, conducted in the fourth quarter of 2023 and encompassing over 2,000 adults, unveiled that 57% of respondents currently possess digital assets.

When it comes to investment levels, the majority of respondents disclosed investing amounts ranging between US$1,000 and $25,000.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

Every cryptocurrency has two main components: the units of digital exchange called “coins” and the network within which the exchange takes place. These units can be transferred between wallets and exchanged on exchanges. The networks in which these coins exist are called blockchains, which translates to “chains of blocks.”

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