Cryptocurrencies gaining traction among S’poreans: Study, Invest News & Top Stories

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Cryptocurrencies are gaining traction, with plenty of Singaporeans now owning some form of the virtual cash while others are keen to add it to their investment portfolios, a survey has noted.

It found that about 43 per cent of 1,000 people polled have cryptocurrency, with 46 per cent saying that they intend to buy some in the next 12 months.

It also noted that 59 per cent of the respondents believe that the digital currency will be adopted on a mass scale in the future.

The survey, which was carried out between February and March by consumer insights provider Toluna, was used to provide data for an index compiled by cryptocurrency exchange Independent Reserve.

Singapore scored 63 points on the index, reflecting the country’s positive and progressive attitudes towards cryptocurrency.

Bitcoin hit an all-time high of US$64,870 in April, but has been falling in recent weeks, slumping to below US$30,000 following China’s crackdown on…

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