Nine out of 10 Singaporeans are aware of crypto and 68 percent still own bitcoin despite ownership going down.

Ninety-four percent of people in Singapore are now aware of crypto, according to this year’s survey by Independent Reserve. Many people who earlier owned cryptocurrencies have stopped holding them, as the figure for actual ownership fell from 40% in 2023 to 29% in 2024.

1,500 participants in a poll conducted in February helped to gather the results, highlighting key trends that show the development of digital assets in Singapore.

BTC Still Rules, But the Overall Amount of Interactions Decreases

Although ownership is dropping, Bitcoin (BTC) is still the number one digital currency used in Singapore. A robust 68% of cryptocurrency owners own BTC, and 86% view it as a currency, store of value, or investment vehicle. Further, 77% of the respondents feel that Bitcoin will surpass $100,000 by 2030.

Direct holding of assets is still the favored method of investment, with 61% of the investors preferring self-custody over ETFs.

Meanwhile, arbitrage trading is growing in popularity, as 67% of respondents admitted to selling some or all of their assets over the past year to capitalize on crypto market volatility.

Investor Sentiment Remains Strong

The gender gap continues, with 35% of men but just 24% of women investing in crypto. Millennials and Gen Xers (25- to 54-year-olds) account for 71% of all crypto holders, and 76% of weekly active traders are within this age group.

Despite the decline in ownership, investor sentiment remains positive:

53% of existing holders intend to add to their holdings over the coming year.

17% of non-holders were interested in getting into the market.

Stablecoins also have a large presence, with 46% of investors in their possession such assets as USDT, which is mainly for trading and DeFi. 83% of such stablecoins are USD-pegged.

Dogecoin and Memecoins Are Still Popular

Memecoins remain popular, with 28% of our respondents in possession of at least one. Dogecoin (DOGE) is still the most popular memecoin among Singaporean investors, which shows continued speculative interest in this category.

Singapore Consolidates Position as Global Crypto Hub

As of a December 2024 ApeX Protocol report, Singapore is today a world-leading blockchain and crypto hub with:

1,600 blockchain patents
2,433 crypto jobs
81 active cryptocurrency exchanges
Hong Kong comes next at 890 blockchain patents, 1,163 jobs, and 52 exchanges.

In a regulatory stride of great importance, the Monetary Authority of Singapore (MAS) issued 13 large payment institution licenses to crypto exchanges in 2024, more than two times the number issued in 2023. This reflects the country's determination to develop a regulated and innovation-based crypto economy.

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