Singapore’s Crypto Craze: Millennials Spend, Boomers Send! 🚀

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Ah, Singapore—where the future of finance is as glittering as the Marina Bay Sands skyline. A recent survey by Triple-A reveals that over half of the island’s crypto holders are now using digital assets for payments. Ownership has climbed to a dazzling 26%, proving that even in a land of hawker centers and HDB flats, blockchain is the new black. 🕶️

According to The Straits Times, crypto ownership in Singapore has risen from 24.4% in 2023 to 26% in 2024. But wait, there’s more! A whopping 52% of these holders have already used crypto to pay for goods and services, while 67% are planning to do so more often. Because why settle for boring old cash when you can pay with something that sounds like a sci-fi currency? 🚀

Unsurprisingly, the younger crowd—Gen Zs and millennials aged 16 to 44—are leading the charge. About 40% of them hold crypto, with 41% using it for online shopping, 36% for bill payments, and 27% for in-store purchases. Because nothing says “I’m a modern adult” like paying for your bubble tea with Bitcoin. 🧋

Meanwhile, the older generation (45 and above) seems to prefer using crypto for peer-to-peer transfers. Almost 43% use it to send funds to friends and family, while 35.7% dabble in online shopping and 17.2% tackle bill payments. Because even boomers know that blockchain beats snail mail. 📬

But let’s not sugarcoat it—crypto isn’t all rainbows and Lamborghinis. The report highlights that 63% of respondents find using crypto complex, 60% worry about security, and 54% lament the lack of merchant acceptance. Because, let’s face it, not every hawker stall is ready to accept Ethereum for your char kway teow. 🍜

In a bold move, Singaporean department store chain Metro announced in February that it will accept stablecoin payments both in-store and online through Metro Mall. Partnering with local crypto payments firm DTCPAY, Metro now supports transactions using stablecoins like Tether’s USDT and Circle’s USDC. Because nothing says “retail therapy” like paying for your shopping spree with digital dollars. 🛍️

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2025-04-08 10:32