Record Crypto Awareness at 94% in Singapore, But Ownership Slips to 29%

Cryptocurrency awareness in Singapore has reached unprecedented levels, with 94% of residents reporting familiarity with digital assets, according to Independent Reserve’s fifth annual Singapore Crypto Market Survey released on 21 May.

Yet despite this widespread recognition, actual ownership has declined—from 40% in 2024 to just 29% in 2025.

The survey, conducted in February with 1,500 respondents, highlights a paradox: a nation well-informed about crypto, but increasingly hesitant to invest.

The findings also underscore notable demographic trends.

Men continue to lead in adoption, with 35% reporting crypto ownership compared to 24% of women.

Investors aged 25 to 54—largely Millennials and Gen X—make up 71% of holders, and account for the majority of active traders.

In fact, 76% of those trading weekly fall within this age group.

Younger investors are especially drawn to digital assets, thanks to their fluency in digital tools and emerging technologies—suggesting that while overall ownership has dipped, interest among the tech-savvy remains strong.

Singapore’s Crypto Ownership Is Dropping—Here’s Why

Singapore’s declining crypto adoption appears closely tied to broader economic headwinds and shifting investor sentiment, according to the latest market survey.

While 2024 saw more Singaporeans experimenting with digital assets, rising global uncertainty and financial instability in 2025 have prompted a shift back to safer, more traditional investments.

The proportion of respondents favoring fixed deposits or regular savings accounts has grown from 42% to 49% year-over-year—signalling a more risk-averse stance among the population.

In this environment, investors are managing risk more cautiously, the report noted, adding that speculative interest in crypto is giving way to a preference for reliability and stability.

Currency fluctuations have added to the caution.

The Singapore dollar dropped nearly 19.3% against Bitcoin between January and mid-April, according to Mark Wong, Head of Trading at Independent Reserve, further fuelling investor hesitation.

At the same time, crypto investors are becoming more strategic.

Rather than holding sprawling portfolios, many are narrowing their focus to fewer, higher-quality tokens.

The survey found that individuals holding between two to five cryptocurrencies were more likely to see gains or at least break even—while those holding over 11 assets tended to incur losses.

Wong attributes this more selective approach to lessons learned during past market corrections, as investors recalibrate their strategies in pursuit of long-term resilience.

He said:

“Speculative assets are no longer attractive. Today’s investors are looking for resilience and reliability.”

Half of Investors in Singapore Preparing to Grow Assets

Despite a dip in crypto ownership, sentiment among Singaporean investors remains notably optimistic.

More than half (53%) of current holders plan to expand their positions over the next year, while 17% of non-holders are considering entering the market—a sign that interest in digital assets endures, even amid caution.

Institutional players and businesses are gradually adapting to this evolving landscape, although challenges around usability, security, and merchant adoption still slow broader integration.

Bitcoin continues to dominate as the most trusted and widely held cryptocurrency in Singapore: 68% of crypto investors own it, and even among those not currently invested, 52% consider it more trustworthy than stablecoins.

An overwhelming 86% of respondents regard Bitcoin as either a currency, a store of value, or an investment—demonstrating its strong brand perception across the spectrum.

Direct ownership remains the preferred exposure method, with 61% opting to hold their crypto assets themselves rather than through ETFs.

Market volatility has also led to increased arbitrage activity, with 67% of holders having sold all or part of their assets to capitalise on price movements in the past year.

Stablecoins, primarily pegged to the US dollar, are held by 46% of investors, largely for trading and participation in decentralised finance (DeFi).

Meanwhile, 28% of crypto holders have ventured into smaller, high-risk tokens, a segment recognised by 43% of the general public.

According to Lasanka Perera, CEO of Independent Reserve, these speculative assets are helping new entrants gain exposure to the crypto market—broadening the base of participation in Singapore’s evolving digital economy.

He noted:

“They may not serve as core holdings but they have broadened crypto’s appeal and brought new people into the ecosystem.”

Singapore Strengthens Position as Crypto Powerhouse

Singapore has firmly established itself as a global leader in blockchain and cryptocurrency innovation, according to a December 2024 report by ApeX Protocol.

The study highlights the city-state’s impressive milestones: over 1,600 blockchain-related patents, 2,433 crypto-focused jobs, and 81 active cryptocurrency exchanges.

In 2024, Singapore also intensified its regulatory efforts, with the Monetary Authority of Singapore (MAS) granting 13 major payment institution licenses to crypto exchanges—more than double the number issued in 2023.

This progress, however, presents a compelling paradox.

While public awareness of cryptocurrency is exceptionally high, adoption remains relatively modest.

The data suggests that while Singaporeans understand the potential of digital assets, many remain cautious—favoring measured moves over speculative leaps.

Still, signs of long-term growth persist.

Trust in Bitcoin remains strong, younger generations are showing increased engagement, and interest in emerging tokens continues to rise.

With growing institutional backing—including regulatory clarity and the potential for ETF approvals—Singapore’s crypto adoption may be poised for another wave, albeit one driven by strategic confidence rather than hype.