Crypto consciousness in Singapore has reached an all-time excessive, with 94% of respondents in a current survey indicating familiarity with not less than one digital asset.
Nonetheless, precise possession has declined, falling from 40% in 2023 to 29% in 2024, in keeping with Impartial Reserve’s fifth annual Singapore Crypto Market Survey launched on Could 21.
The survey, carried out in February with 1,500 individuals, revealed that males stay extra lively in crypto investing than girls, 35% in comparison with 24%.
Millennials and Gen X (aged 25–54) dominate the investor base, comprising 71% of all holders. Amongst these buying and selling not less than as soon as every week, 76% fall into this age group.
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Half of Singaporean traders plan to extend holdings
Regardless of the decline in possession, sentiment stays robust. Over half of present holders (53%) plan to extend their positions within the subsequent 12 months, and 17% of non-holders expressed curiosity in coming into the market.
Bitcoin (BTC) continues to be the anchor of the crypto market in Singapore. It’s held by 68% of crypto traders and seen by 86% as both a foreign money, retailer of worth or funding asset. Notably, 77% imagine Bitcoin shall be value over $100,000 by 2030.
Direct possession stays the popular methodology of publicity, with 61% selecting to carry their property straight as a substitute of via exchange-traded funds (ETFs).
Arbitrage buying and selling can also be on the rise, with 67% of respondents saying that they had bought half or all of their holdings to capitalize on value swings prior to now 12 months.
In the meantime, 46% of traders maintain stablecoins, primarily for buying and selling and DeFi actions, with 83% of those tied to the US greenback.
Memecoins stay a speculative nook of the market, with 28% of respondents holding not less than one, with Dogecoin (DOGE) being the preferred.
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Singapore turns into a worldwide crypto hub
Singapore has cemented its position as a worldwide hub for blockchain and cryptocurrency improvement, in keeping with a December 2024 report by ApeX Protocol.
The examine mentioned Singapore leads the world with 1,600 blockchain patents, 2,433 crypto-related jobs, and 81 lively cryptocurrency exchanges.
Hong Kong positioned second, with 890 blockchain patents, 1,163 jobs within the sector, and 52 crypto exchanges, reflecting the town’s continued push within the digital asset house.
In 2024, Singapore doubled down on its regulatory momentum. The Financial Authority of Singapore issued 13 main fee establishment licenses to crypto exchanges, greater than twice the quantity granted in 2023.
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