Cryptocurrency awareness in Singapore hits 94% but ownership drops 11%

Cryptocurrency awareness in Singapore has reached an all-time high, with 94% of respondents in a recent survey indicating familiarity with digital currencies. This marks a significant increase in public knowledge about cryptocurrencies, reflecting the growing interest and acceptance of these assets in the region. However, despite the high level of awareness, the actual ownership rate of cryptocurrencies has decreased from 40% last year to 29%. This discrepancy suggests that while more people are aware of cryptocurrencies, fewer are actively investing in them.

Bitcoin remains the most popular cryptocurrency asset among Singaporean investors, with 68% of cryptocurrency holders owning Bitcoin. Additionally, 86% of respondents view Bitcoin as having monetary properties or investment value, underscoring its status as a leading digital currency. This preference for Bitcoin is likely driven by its established reputation and widespread adoption in the cryptocurrency market.

Looking ahead, 53% of current cryptocurrency holders plan to increase their holdings in the next year, indicating a continued interest in digital assets. Furthermore, 17% of non-holders express an intention to enter the cryptocurrency market, suggesting that there is still potential for growth in the number of investors. This optimism is further supported by the fact that 61% of investors prefer to directly hold cryptocurrency rather than invest through Exchange-Traded Funds (ETFs), highlighting a preference for direct ownership and control over their digital assets.

The usage of stablecoins, which are cryptocurrencies pegged to the value of a stable asset such as the US dollar, continues to rise. According to the survey, 46% of investors have held stablecoins before, with the US Dollar-pegged stablecoin being the most popular, accounting for 83% of stablecoin holdings. This trend reflects the growing demand for stable and predictable digital assets that can be used for transactions and as a store of value.