A recent survey conducted by Independent Reserve, a MAS-licensed cryptocurrency exchange, has uncovered intriguing trends regarding crypto awareness and ownership among Singaporeans. While nearly all respondents—94%—express awareness of cryptocurrency, ownership is down, with only 29% indicating they have invested in crypto over the past year, a notable decline from 40% in 2024.
The report suggests this drop in ownership is linked to a shift in financial behavior, as Singaporeans adopt a more cautious approach amid prevailing global economic uncertainties. The survey engaged 1,500 Singaporean residents in February 2025.
Survey Highlights Evolving Investment Strategies
Independent Reserve posits that many Singaporeans are pivoting back to traditional investment vehicles. The percentage of individuals opting to keep their funds in savings or fixed deposits has increased from 42% in 2024 to 49% in 2025. “Investors are strategically managing risk and diversifying their portfolios in response to the current economic climate,” the survey emphasized.
Mark Wong, Head of Trading at Independent Reserve, commented on the market fluctuations, pointing out that the BTC/SGD pair experienced a substantial decline of 19.3%, falling from S$143,000 (approximately US$110,832) at the beginning of the year to mid-April. He attributed this trend to a broader retreat from riskier assets.
Wong further noted that local investors are gravitating towards “high-quality assets” that demonstrate stability in volatile market conditions. “Experiences with speculative tokens have prompted investors to prioritize resilience over trends,” he elaborated. According to the data, those holding between two to five cryptocurrencies are more likely to achieve gains or at minimum break even, while those with eleven or more cryptocurrencies are likely to underperform.
This trend is particularly evident among younger demographics in Singapore. A report from the Straits Times highlighted that despite a drop in overall ownership rates, cryptocurrency adoption is being driven by younger generations, with approximately 40% of Gen Z and millennials reported to hold crypto assets.
Crypto adoption is rising in Singapore, and younger users are leading it. Businesses are adapting, though challenges like usability, security, and limited merchant support continue to hinder widespread use.#Blockchain #CryptoAdoptionhttps://t.co/9xPjW6dG76
— Finance Newso.com (@Finance Newso) April 8, 2025
Outlook on Bitcoin by 2030
In light of ongoing stagflation fears, Bitcoin is gaining traction as a potential safe haven asset. The survey revealed that 68% of crypto investors in Singapore own Bitcoin, with 23% believing it could surpass $250,000 by 2030. Wong pointed out that 59% of respondents prefer Bitcoin over other cryptocurrencies, and it also holds significant respect among non-crypto owners, with 52% favoring Bitcoin over stablecoins.
This week, Bitcoin reached a new all-time high of $109,487.23, bolstered by an increase in ETF inflows, and was trading at approximately $110.95 at the time of reporting.
Moreover, the survey indicated that 28% of crypto investors have ventured into memecoins, and 43% of Singaporeans are aware of at least one memecoin. “Memecoins are widening the pathways into the crypto space. While they may not be considered primary investments, their cultural significance has broadened access and appeal to a new generation,” remarked Lasanka Perera, CEO of Independent Reserve.
The original article can be found on Finance Newso.
