Singaporeans Shift 11% Away From Crypto Amid Economic Uncertainty

Despite a high level of awareness about cryptocurrency among Singaporeans, with 94% having heard of it, only 29% currently own or have owned crypto in the past year. This figure represents a decrease from 40% in 2024, indicating a shift in financial behavior among Singaporeans. The survey, conducted by a MAS-licensed crypto exchange, Independent Reserve, involved 1,500 residents across Singapore in February 2025. The decline in crypto adoption is attributed to a more defensive financial posture taken by Singaporeans against the backdrop of global macroeconomic uncertainty.

The survey revealed that many Singaporeans are reallocating their investments towards traditional assets. The share of respondents keeping cash in savings or fixed deposits has risen to 49% in 2025, up from 42% in 2024. This trend suggests that investors are selectively managing risk and diversifying across asset classes in response to broader economic conditions. Mark Wong, Head of Trading at Independent Reserve, noted that the BTC/SGD pair dropped 19.3% from S$143,000 in January to mid-April, reflecting a broader pullback from risk assets. Wong also observed that Singapore’s crypto investors have shifted towards “high-quality assets” that maintain resilience in volatile conditions. He emphasized that investors are prioritizing robustness over hype, with those holding two to five cryptocurrencies more likely to report gains or break even compared to those with eleven or more cryptocurrencies.

Despite the overall decrease in crypto ownership, younger generations, particularly Gen Z and millennials, are leading cryptocurrency adoption. Around 40% of this demographic holds crypto, indicating a continued interest in digital assets among the younger population. Bitcoin remains a popular choice among crypto investors, with 68% holding it. Additionally, 23% of respondents believe that Bitcoin will surpass $250,000 by 2030. Wong noted that 59% of respondents favor Bitcoin over other crypto assets, and even among non-crypto owners, Bitcoin commands trust, with 52% favoring it over stablecoins. The survey also revealed that 28% of crypto investors hold a memecoin, with 43% of Singaporeans aware of at least one memecoin. Lasanka Perera, CEO of Independent Reserve, highlighted that memecoins are broadening the entry points into crypto, expanding its reach and accessibility for a new generation.