Singapore's cryptocurrency awareness has reached a new peak, with 94% of respondents indicating familiarity with at least one crypto asset. However, actual ownership rates have dropped from 40% last year to 29%.
Licensed crypto exchange Independent Reserve released its latest Singapore Cryptocurrency Market Survey on Wednesday, May 21, marking the fifth consecutive year of this research. The survey polled 1,500 respondents in February 2024, evaluating their crypto literacy, adoption rates, and investment confidence.
Key Demographic Insights
- Gender Disparity: Male investors (35%) outnumber females (24%).
- Generational Trends: Millennials and Gen X (ages 25–54) dominate crypto ownership at 71%, up from 61% in 2024.
- Active Traders: 76% of weekly traders fall within this age bracket.
Long-Term Demand Remains Strong
Despite declining ownership, 53% of current crypto holders plan to increase investments within the next 12 months, while 17% of non-owners express interest in entering the market.
Bitcoin Dominates Investor Trust
- Ownership: 68% of crypto investors hold Bitcoin.
- Perception: 86% view Bitcoin as a currency, store of value, or investment.
- Price Optimism: 77% believe Bitcoin’s value will exceed $100K (~$77,900 USD) by 2030.
Investment Preferences
- Direct Ownership: 61% prefer holding crypto directly over ETF-based exposure.
- Profit-Taking: 67% sold portions of their holdings to lock in gains over the past year.
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Market Trends: Stablecoins and Memecoins
- Stablecoin Adoption: 46% of investors use them for trading and DeFi, with USD-backed variants favored by 83%.
- Memecoin Risks: Nearly one-third of investors dabbled in these high-risk, culture-driven assets, despite warnings from regulators about pump-and-dump schemes.
Regulatory Clarity Gap
While Singapore’s Monetary Authority (MAS) has tightened stablecoin regulations and licensing standards, 58% of respondents seek clearer government guidance, and 47% urge more responsible industry practices.
FAQs
Q: Why has crypto ownership declined in Singapore?
A: Factors include market volatility, regulatory uncertainty, and a shift toward profit-taking after recent rallies.
Q: Is Bitcoin still a safe investment?
A: Bitcoin remains the most trusted crypto asset, but investors should assess risk tolerance and market trends.
Q: What are the risks of memecoins?
A: They’re highly speculative and prone to scams, with little intrinsic value.