Singapore prefers Ethereum over Bitcoin, new study shows

As a crypto-friendly country, almost four-fifths of Singapore’s cryptocurrency holders own ETH, followed by BTC, ADA, and BNB.
A new study on Singapore shows that being a cryptocurrency-friendly country has paid off in terms of adoption.
The 2021 Singapore Cryptocurrency State Report, conducted by cryptocurrency exchange Gemini in partnership with CoinMarketCap and Seedly, found that more than two-thirds of Singaporeans with financial investments currently hold cryptocurrencies.
The report, which sampled 4,348 Singaporean adults who admitted to owning or being interested in personal financial and investment products, showed that 67% of respondents currently own cryptocurrency assets.
One in five cryptocurrency holders are women, but the study profiles the average cryptocurrency holder in Singapore as a "29-year-old male with an average annual household income of approximately SGD 51,968 (USD 38,456)".
Regarding the distribution of crypto assets held by Singaporean investors, Ethereum blockchain's native cryptocurrency Ether (ETH) is the clear leader with 78% as the most popular cryptocurrency, while 69% of cryptocurrency holders own Bitcoin (BTC). Cardano (ADA) and Binance Coin (BNB) follow closely behind with 40% and 31% respectively. The survey shows that a quarter of investors hold XRP and Tether (USDT).
The report shows that the increased interest in cryptocurrencies is partly due to the COVID-19 pandemic, as 67% of cryptocurrency holders invested more during the pandemic to hedge against inflation or invest their increased disposable income due to the lockdown.
On the other hand, lack of knowledge and understanding are the main factors that prevent non-cryptocurrency owners from investing in the asset class. The volatility of the cryptocurrency market, the risky nature of cryptocurrency investments, and the lack of regulatory oversight are also pointed out as barriers to investment.
Another study on a smaller sample group recently showed that 46% of Singaporeans plan to buy digital assets in the next 12 months. With zero capital gains tax on cryptocurrency income, Singapore has established itself as a cryptocurrency and blockchain hub in the Asia-Pacific region. (Cointelegraph)