Crypto awareness in Singapore has surged to an unprecedented 94%, as revealed by the Independent Reserve’s annual Singapore Crypto Market Survey, released just yesterday. Yet, paradoxically, actual ownership of digital assets has taken a hit, dropping to 29% this year from a robust 40% in 2024. This juxtaposition of high awareness but declining ownership presents a curious case for the crypto landscape.
Sentiment vs. Reality
Despite the dip in ownership, the underlying sentiment towards digital currencies in Singapore remains buoyant. The survey, which polled 1,500 individuals back in February, highlights a strong future appetite: over half of the current crypto holders are planning to beef up their portfolios over the next 12 months. Meanwhile, 17% of those who haven’t yet dipped their toes into the crypto waters are contemplating making a splash.
Bitcoin, the stalwart of the digital currency world, continues to dominate the scene. A striking 68% of investors hold Bitcoin, with a staggering 86% of respondents acknowledging it as a currency, a store of value, or an investment asset. The optimism around Bitcoin is palpable, with 77% confident it will breach the $100,000 mark by the end of the decade. This optimism is echoed in projections that Bitcoin DeFi will have 300M users, beating Ethereum and Solana, further solidifying its dominance.
Direct ownership trumps exchange-traded funds, with 61% of individuals preferring to hold their assets directly. This hands-on approach is mirrored in the rise of arbitrage trading; 67% of those surveyed reported cashing in on market fluctuations over the past year.
Demographics and Trends
The demographic breakdown is telling—Millennials and Gen Xers, aged between 25 to 54, form the backbone of the investor base, representing a hefty 71% of all holders. Within this age bracket, a significant 76% engage in weekly trades, underscoring a vigorous trading culture among these groups. Gender disparities persist, with men more active in the market (35%) compared to women (24%).
Interestingly, while Bitcoin reigns supreme, Ethereum commands a notable presence, recognized by 54% of respondents. Memecoins like Dogecoin and Shiba Inu, though more niche, maintain a foothold, with awareness levels at 41% and 23% respectively. However, it’s important to note that crypto token failures have soared, with 1 in 4 launched since 2021 dying in Q1, highlighting the volatile nature of the market.
Stablecoins are a staple for nearly half of the investors, primarily for trading and decentralized finance (DeFi) activities. It’s noteworthy that 83% of these stablecoins are pegged to the US dollar, reflecting a preference for relative stability amid the crypto market’s notorious volatility.
Singapore’s Ascendancy in the Crypto World
Singapore continues to bolster its reputation as a global crypto powerhouse. A report from December 2024 by ApeX Protocol places Singapore at the forefront, boasting 1,600 blockchain patents and a whopping 2,433 crypto-related jobs. The city-state is home to 81 active cryptocurrency exchanges, a testament to its dynamic digital asset ecosystem. This stands in stark contrast to Hong Kong, which, while actively expanding, lags with 890 patents and 52 exchanges.
In line with its ambitions, Singapore’s regulatory environment has evolved rapidly. The Monetary Authority of Singapore issued 13 major payment institution licenses to crypto exchanges last year, more than doubling the previous year’s tally. The regulatory framework has been a pivotal factor in attracting crypto ventures to the region.
While the enthusiasm for crypto continues to swell, the decline in ownership raises intriguing questions about market dynamics. Is it a temporary blip, or does it signal a deeper shift in investor behavior? As Singapore cements its status as a crypto hub, these developments will undoubtedly shape the discourse in the coming months and years.
Source
This article is based on: Crypto awareness in Singapore hits record 94%, but ownership falls
Further Reading
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
