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.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
