Could Singapore emerge as the next spot BTC ETF hotspot?
Could Singapore emerge as the next spot BTC ETF hotspot?
Admin 03 Apr, 2024

Is Bitcoin’s popularity surging in Singapore following U.S. approvals? What insights does a recent study offer into Singaporeans’ interest in Bitcoin ETFs?

Singaporeans are increasingly warming up to Bitcoin (BTC), and recent developments in the U.S. have played a big role. 

According to the latest study by Independent Reserve, a Singaporean crypto exchange, Bitcoin has captured the attention of 39% of the population following the approval of spot Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

Lasanka Perera, CEO of Independent Reserve Singapore, attributes the surge in Bitcoin demand to institutional investments catalyzed by the approval of spot Bitcoin ETFs. He said:

The long-awaited arrival of the spot Bitcoin ETFs has supercharged the demand side for Bitcoin as billions of dollars from institutions has poured in. The trust and understanding of Bitcoin have grown significantly over the past few years, and more Singaporeans are increasing their allocations.

Lasanka Perera, CEO of Independent Reserve Singapore

Meanwhile, awareness is high, with 51% of Singaporeans knowing about the SEC’s approval of spot Bitcoin ETFs. Moreover, 33% are considering investing through overseas offerings due to the absence of such products for retail investors in Singapore.