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Crypto awareness in Singapore has surged to 94%, reflecting a growing interest in digital assets, though actual ownership has seen a notable decline.
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The Independent Reserve’s fifth annual Singapore Crypto Market Survey indicates a shift in investor behavior, with a significant drop in ownership from 40% to 29% in just one year.
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According to the report, 68% of crypto investors still hold Bitcoin, highlighting its status as the cornerstone of the market.
This article explores Singapore’s evolving crypto landscape, noting a surge in awareness coupled with a drop in ownership, while Bitcoin remains a key asset.
Half of Singaporean Investors Plan to Increase Holdings
Despite the drop in ownership, investor sentiment remains robust. Over 53% of current holders intend to boost their investments in the next year, and 17% of those without crypto have expressed interest in entering the market. This optimistic outlook comes amid a backdrop of fluctuating prices and changing market dynamics, which seem to be encouraging more cautious investment strategies.
Bitcoin’s Continued Dominance Among Investors
Bitcoin (BTC) continues to be the anchor of the crypto market in Singapore, with 68% of crypto investors holding it. Additionally, 86%% view it as a viable currency, store of value, or investment asset. Remarkably, 77% of survey participants predict Bitcoin will exceed $100,000 by 2030, reflecting strong long-term confidence. In terms of investment strategies, direct ownership remains paramount, with 61% opting to hold assets themselves as opposed to ETFs.
Furthermore, the trend of arbitrage trading is gaining traction, with 67% of respondents indicating they had sold part or all of their holdings to capitalize on market price swings over the past year.
Singapore Becomes a Global Crypto Hub
Singapore has firmly established its position as a leading global hub for blockchain and cryptocurrency development. According to a December 2024 report by ApeX Protocol, Singapore leads the world with an impressive 1,600 blockchain patents, 2,433 crypto-related jobs, and 81 active cryptocurrency exchanges.
In contrast, Hong Kong follows with 890 blockchain patents, 1,163 jobs in the sector, and 52 crypto exchanges, demonstrating its competitive stance in the digital asset sphere. Singapore’s proactive regulatory environment continues to attract institutional interest; the Monetary Authority of Singapore issued 13 major payment institution licenses to crypto exchanges in 2024—more than double the previous year’s offerings.
Investor Demographics and Market Trends
The survey further illustrates the investor demographics: men are more active in crypto investing than women, with 35% of male respondents engaging compared to 24%71% of all crypto holders, with a notable 76% of weekly traders falling into this age group.
Additionally, 46%% of investors also hold stablecoins, primarily for trading and decentralized finance (DeFi) activities, with an impressive 83% of these tied to the US dollar.
Market Speculation and Memecoins
Despite regulatory scrutiny, speculative investments remain pervasive, particularly in the memecoin sector, where 28% of participants indicated they hold at least one memecoin. Dogecoin (DOGE) continues to be the most popular, illustrating the speculative nature of this segment amid broader market volatility.
Conclusion
The current crypto landscape in Singapore reveals a complex picture of heightened awareness juxtaposed with reduced ownership. As sentiment builds, particularly around Bitcoin, future investment trends may pivot towards a more cautious yet hopeful approach. The data suggests that while market conditions fluctuate, the foundational belief in digital assets remains steadfast among Singaporean investors.
