Crypto Awareness Hits All-Time High in Singapore, But Holdings Plummet

Key Takeaways

• Over 90% of Singapore residents are aware of cryptocurrencies.
• Bitcoin remains the top choice, with 68% of crypto investors holding it.
• While overall crypto investment has declined, interest in direct ownership remains strong.

Singaporeans are more crypto-aware than ever. However, while interest remains high, especially in Bitcoin (BTC), actual adoption has taken a hit.

As per a recent survey, the number of residents actively holding crypto has dropped sharply compared to last year, raising questions about what’s driving the disconnect between awareness and investment.

Crypto Awareness Hits Record High in Singapore

According to the latest Singapore Crypto Market Survey from local exchange Independent Reserve, awareness of cryptocurrencies has reached a staggering 94%—an all-time high.

Yet despite this high awareness, actual crypto ownership has dropped from 40% last year to 29% in 2024.

The survey, conducted in February with 1,500 participants, shows that while fewer people are holding crypto, many are still bullish on its future.

Over half (53%) of current investors plan to increase their holdings, and 17% of non-investors say they’re looking to enter the market.

Bitcoin Still Reigns Supreme

Among Singapore’s crypto investors, Bitcoin remains the dominant asset, owned by 68% of respondents.

86% of the respondents view BTC not just as a speculative asset but as a currency, store of value, or long-term investment.

Sentiment around Bitcoin’s price is also bullish. 77% believe it will exceed $100,000 in value within the next five years.

While investment vehicles like crypto ETFs are gaining attention, the majority of Singaporeans still prefer direct ownership.

In fact, 61% of investors opt to hold crypto in their own wallets rather than through intermediaries.

“The decentralized design, scarcity, and transparency are why many investors continue to trust [Bitcoin],” said Lasanka Perera, President of Independent Reserve Singapore.

Crypto Confidence Remains Strong Despite Lower Holdings

Singapore’s comprehensive regulatory framework for digital assets, while not permitting crypto as a payment method, has made the country a model of responsible crypto adoption.

The decline in actual ownership appears to reflect broader market conditions rather than fading interest.

If anything, the rise in awareness combined with long-term confidence in Bitcoin suggests that Singaporeans remain deeply engaged in the crypto space, even if they’re waiting for the right moment to dive back in.