Crypto Awareness Soars in Singapore, Ownership Drops 11%

Crypto awareness in Singapore has reached an unprecedented high, with 94% of respondents in a recent survey indicating familiarity with at least one digital asset. This surge in awareness reflects the growing interest and acceptance of cryptocurrencies among the general population. However, despite this heightened awareness, ownership of cryptocurrencies has declined. The survey, conducted in February with 1,500 participants, revealed that only 29% of respondents currently hold cryptocurrencies, down from 40% in 2023. This decline suggests a shift in investment strategies, with some investors potentially moving their assets to other financial instruments or adopting a more cautious approach.

The survey also highlighted demographic trends in crypto investing. Men remain more active in crypto investing than women, with 35% of men holding cryptocurrencies compared to 24% of women. Millennials and Generation X, aged 25 to 54, dominate the investor base, comprising 71% of all holders. Among those trading at least once a week, 76% fall into this age group, indicating a strong engagement with the crypto market among younger and middle-aged investors.

Despite the decline in ownership, sentiment among current holders remains strong. Over half of current holders (53%) plan to increase their positions in the next 12 months, and 17% of non-holders expressed interest in entering the market. This optimism suggests that while there may be a temporary dip in ownership, the long-term outlook for cryptocurrencies in Singapore remains positive.

Bitcoin (BTC) continues to be the anchor of the crypto market in Singapore, held by 68% of crypto investors. It is viewed by 86% of respondents as either a currency, store of value, or investment asset. Notably, 77% believe Bitcoin will be worth over $100,000 by 2030, reflecting a strong belief in its long-term potential. Direct ownership remains the preferred method of exposure, with 61% choosing to hold their assets directly instead of through exchange-traded funds (ETFs). This preference for direct ownership indicates a desire for greater control and flexibility in managing crypto investments.

Arbitrage trading is also on the rise, with 67% of respondents saying they had sold part or all of their holdings to capitalize on price swings in the past year. This trend suggests that investors are actively seeking opportunities to maximize their returns through strategic trading.

Bitcoin is the most recognized crypto in Singapore, with 91% awareness, followed by Ethereum at 54%, Dogecoin at 41%, Shiba Inu at 23%, and Solana at 22%. Stablecoins are also popular, with 46% of investors holding them, primarily for trading and DeFi activities. Memecoins remain a speculative corner of the market, with 28% of respondents holding at least one, with Dogecoin (DOGE) being the most popular.

Singapore has cemented its role as a global hub for blockchain and cryptocurrency development. The region leads the world with a significant number of blockchain patents, crypto-related jobs, and active cryptocurrency exchanges. In 2024, Singapore doubled down on its regulatory momentum, issuing 13 major payment institution licenses to crypto exchanges, more than twice the number granted in 2023. This regulatory support further solidifies Singapore's position as a leading destination for crypto innovation and investment.