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Kazi Awal / Insider
Advertising company BBH Singapore found that one in 3 Singaporean investors in a survey had invested in cryptocurrencies.
Despite the fall, their outlook is positive, with 65% continuing to invest in crypto assets.
This article is part of “Master Your Crypto,” an Insider series that helps investors with their cryptocurrency skills and knowledge.
Although they feel the bite of the crypto winter, Singaporean investors are still decidedly positive about the long term of cryptocurrency, as recommended in a wide survey conducted through advertising firm BBH Singapore.
Sid Tuli, the company’s lead executive, said he and his family were “surprised” by the results.
“The effect of the collapse of cryptocurrencies has been much greater than expected: one in 3 Singaporeans has invested in cryptocurrencies, and one in six of those cryptocurrency investors has said they have lost so much money that it has severely affected their lives. ” he said.
In the Singapore investor survey, 65% of respondents said they remain interested in cryptocurrencies and will continue to invest in cryptocurrency-related assets for the next 3 months.
BBH Singapore operates in Southeast Asia, advising United Overseas Bank, one of the largest banks in the region, and has a consumer list dotted with heavyweights such as Nike, Riot Games and Samsung.
As it should be advising clients on upcoming projects, he sought to uncover Singaporeans’ emotions towards cryptocurrencies by commissioning the study project, which consisted of 1,000 investor interviews in May and June. the maximum active moment popular for investors, after stocks.
Singapore has long been an emerging regional star in the cryptocurrency world. Today, the global cryptocurrency market has plunged 50% from its November high of $2 trillion. But last year, the last year with data, Singaporeans are estimated to have $1. 48 billion Crypto assets, according to KPMG, claim that the island state is Asia’s crypto capital.
“Our task is to perceive how others feel and what motivates the feelings of others,” said Faraaz Marghoob, chief strategy officer at bbh Group who led the research. “Often, feelings consult the logic of investors. It’s not the other way around. “
According to Marghoob, it plays a special role in Singapore’s culture.
“If Catholic guilt is the motto of being Catholic, prosperity is the motto of being Asian. Money is important. Being rich is important,” he said. For this reason, Asian markets tend to be more conservative and not take risks when it comes to spending, he added, saying, “But on the other hand, they will dive into new technologies. “
This is precisely what happened at the beginning of the pandemic, when, according to researchers, more Singaporeans started operating than ever before. The knowledge showed that 51% of investors have bought into the elegance asset in the past two years alone, motivated by the social facets of cryptocurrency communities, which have provided much-needed convenience closures, as well as the economic uncertainties of living with COVID-19.
BBH Singapore also found that just under a portion of all those investing in cryptocurrencies had, at best, a fundamental perception of it, and one part said they did not perceive the blockchain.
Not surprisingly, BBH found that the majority of investors were younger: 61. 8% of respondents owned a cryptocurrency in Singapore and were under the age of 35. What the study team didn’t expect to find was that when older adults invested, they took a high-risk approach. One in 4 Singapore crypto investors over the age of forty-five in the survey said they spent more than 50% of their portfolio, indicating that investors most likely did so as a way to shore up their pensions.
“Other people saw it as a shortcut,” Marghoob said. The long term is hard to predict, and from our research, we know that other people are inherently nervous about it. People no longer know if their paintings are going to be relevant, so anything that might give them a sense of security about their long-term appeals emotionally. “
“Despite the recent slump, enthusiasm for cryptocurrency investments remains strong, and most investors are still convinced that cryptocurrencies are the long-term cash and that the price of their crypto assets will only increase over time,” tuli said, CHIEF executive BBH, said.
In June, 69% of respondents agreed that cryptocurrencies are the long-term cash; interestingly, that number had increased by 11% in one month.
The dominance of cryptocurrency in Singapore’s monetary world is also reflected online in the country. According to keyword platform Semrush, searches for “cryptocurrency recovery” increased by 9900% between January 2019 and today, and searches for “crypto memes” in the country continue. increase.
While he can’t share the details, Tuli said conversations are continuing with his consumers about Web3, cryptocurrencies and metaverse.
“The fall doesn’t mean it’s just a passing fad,” Tuli said, adding, “Web3, Blockchain and crypto are very genuine and are here to stay. “
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