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HomeNews EventsCryptocurrency Adoption Rises in Singapore - Survey by Independent Reserve

Cryptocurrency Adoption Rises in Singapore – Survey by Independent Reserve

A new study conducted by Independent Reserve, a regulated digital asset exchange has found that Singaporean’s are still interested in investing in cryptocurrencies despite a decline in overall confidence in the asset class. The survey polled 1500 Singaporean residents from different backgrounds, income levels and age groups. Also discovered that 43% of them currently own some form of cryptocurrency an increase from 40% last year. Among those who own crypto 77% have diversified their portfolio’s by investing in two or more types of crypto tokens.

The survey also revealed that Singaporean’s have become more knowledgeable and aware of cryptocurrencies with 91% stating that they are aware of at least one type of crypto up from 88% last year. Bitcoin is still the most well-known and popular crypto with 87% of respondents indicating awareness followed by Ethereum with 51%. The increasing popularity of altcoins indicates that more Singaporean’s are exploring cryptocurrencies beyond Bitcoin.

The findings of the study suggest that despite the volatility of the crypto market Singaporean’s continue to see the value of investing in digital assets. Diversification of portfolio’s is a key reason for investing in multiple types of crypto indicating that investors are becoming more strategic in their approach. Furthermore the increasing awareness and knowledge of cryptocurrencies among Singaporean’s bodes well for the growth and adoption of the asset class in the country.

singapore bitcoin cryptocurrency

However, the survey also showed that Singaporean’s confidence in cryptocurrency has taken a hit amid the market volatility and negative headlines in 2022 and early 2023. The Independent Reserve also measures the awareness, adoption, trust and confidence in cryptocurrency among Singaporean’s on a scale of 0 to 100 dropped from 61 in 2022 to 55 in 2023.

The decline in confidence was reflected in the survey results which showed that more crypto investors reported losses on their investments (26% up from 20% last year) fewer Singaporeans were willing to invest in crypto over the next 12 months (40% down from 46% last year) and fewer respondents believed in the long-term viability of crypto (50%, down from 59% last year).

Despite the low level of confidence, the survey also showed some bright spots for Singapore’s cryptocurrency industry. According to survey 72% of crypto investors would recommend friends and family to invest in digital assets are up 68% over a year. Additionally 78% of crypto investor’s who have been in the market for more than 5 years said that their crypto portfolio’s have increased in value compared to 40% of those who have been in the market for less than a year.

singapore cryptocurrency investing

The survey also highlighted some interesting trends among different segments of Singaporean crypto investors. For example, female investors increased their crypto ownership by 7% to 37%, while Gen X (46-55 year olds) increased their ownership by a whopping 25% to 55%. Young adults (18-25 year olds) were more likely to be influenced by family, friends or social media when investing in crypto (50%) and also more likely to seek better education on crypto (59%).

Lasanka Perera CEO of Independent Reserve Singapore said that the survey results showed that Singaporean’s were becoming more sophisticated and savvy when it comes to crypto investing.

“Singaporeans are increasingly seeing cryptocurrency as a legitimate asset class that can offer them portfolio diversification and long-term returns. They are also becoming more aware and educated about the different types of cryptocurrencies and their potential use cases. While there is still room for improvement in terms of trust and confidence we believe that Singapore is well-positioned to become a leading hub for crypto innovation and adoption in Asia.” he said.

Utkarsh - CoinFTA
Utkarsh - CoinFTA
Meet Utkarsh, your trusted crypto analyst with over 6 years of experience in the dynamic world of cryptocurrency. Since entering the crypto space in 2017, Utkarsh has honed his technical analysis skills and become a seasoned expert in fundamental and technical analysis. With a passion for uncovering market trends and identifying lucrative investment opportunities, Utkarsh delivers insightful analysis to empower traders and investors. From evaluating crypto projects to exploring the possibilities of the DeFi, Metaverse, NFTs, Web3, AI and blockchain gaming, Utkarsh covers the full spectrum of the crypto ecosystem. Join COINFTA and let Utkarsh guide you through the exciting world of crypto with expertise and precision.
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