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The title of my article sounds like something that is too good to be true. But this isn’t a rhetorical question but an uplifting question two fintech companies in my country (Seedly and Singsaver) posed netizens recently.
You see, they are joining forces to promote the adoption of cryptocurrency in Singapore. Hence, this tantalising question. And yes, one winner will be awarded with a windfall of $500 Bitcoin.
So I was browsing through the responses when I noticed one thing. Most of my fellow Singaporeans wanted to HODL this Bitcoin, expressing their desire to save it for a rainy day and take care of their families. Now, I think this finding shouldn’t come across as a surprise because pragmatic Singaporeans are known to be some of the most aggressive savers in the world. I mean, we are practically conditioned to save from a young age since we live in a dynamic city-state where the cost of living is astronomically high.
Another reason behind this finding could be the fact that many Singaporeans who are into crypto surprisingly don’t own Bitcoin. According to a landmark survey titled “The State of Crypto in Singapore” that was undertaken by Seedly, Gemini and CoinMarketCap, the most popular crypto possessed by Singaporeans is Ethereum. Now, this puzzled me for a while because it’s strange that competitive Singaporeans don’t try to get hold of as much Bitcoin as possible. But upon reflection, it made sense. The price of Bitcoin is skyrocketing currently, so with this surge in value, one won’t be able to get a lot of satishus if he were to buy Bitcoin with fiat. Hence, we have no choice but to settle for the second most trending crypto: ETH.
Well, I realised that I am somewhat different from my countrymen because I don’t wish to HODL this $500 Bitcoin. At least, not all of it. I think the very fact that I win this should urge me to do something with it and create a memorable memory or two. I actually want to use this prize money to test out the Singapore-based crypto exchanges, specifically Tokenize and Coinhako. (Please see my thumbnail for the exact answer.) I’m using Gemini now and am rather pleased with it but why would my foolhardy fellow Singaporeans take the risk to launch their crypto exchanges if they were not confident of capturing a portion of the market share?
Nothing beats actual experience, so I want to use part of this $500 BTC. I don’t think I will regret this decision because I subscribe to the abundance mindset. There will be future blessings of Bitcoin that await me!
How about you? What would you do?
P.S: This post first appeared on my personal blog, diaperfinancingfund.blogspot.com.
