Crypto awareness in Singapore hits record 94%, but ownership falls

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Crypto consciousness successful Singapore has reached an all-time high, with 94% of respondents successful a caller survey indicating familiarity with astatine slightest 1 integer asset.

However, ownership has declined, falling to 29% successful 2024 from 40% successful 2023, according to Independent Reserve’s 5th yearly Singapore Crypto Market Survey released connected May 21.

The survey, conducted successful February with 1,500 participants, revealed that men stay much progressive successful crypto investing than women, 35% compared to 24%.

Millennials and Gen X (aged 25–54) predominate the capitalist base, comprising 71% of each holders. Among those trading astatine slightest erstwhile a week, 76% autumn into this property group.

Half of Singaporean investors program to summation holdings

Despite the diminution successful ownership, sentiment remains strong. Over fractional of existent holders (53%) program to summation their positions successful the adjacent 12 months, and 17% of non-holders expressed involvement successful entering the market.

Bitcoin (BTC) continues to beryllium the anchor of the crypto marketplace successful Singapore. It is held by 68% of crypto investors and viewed by 86% arsenic either a currency, store of worth oregon concern asset. Notably, 77% judge Bitcoin volition beryllium worthy implicit $100,000 by 2030.

Direct ownership remains the preferred method of exposure, with 61% choosing to clasp their assets straight alternatively of done exchange-traded funds (ETFs).

Arbitrage trading is besides connected the rise, with 67% of respondents saying they had sold portion oregon each of their holdings to capitalize connected terms swings successful the past year.

Meanwhile, 46% of investors clasp stablecoins, chiefly for trading and DeFi activities, with 83% of these tied to the US dollar.

Memecoins stay a speculative country of the market, with 28% of respondents holding astatine slightest one, with Dogecoin (DOGE) being the astir popular.

Singapore becomes a planetary crypto hub

Singapore has cemented its relation arsenic a planetary hub for blockchain and cryptocurrency development, according to a December 2024 study by ApeX Protocol.

The survey said Singapore leads the satellite with 1,600 blockchain patents, 2,433 crypto-related jobs, and 81 progressive cryptocurrency exchanges.

Hong Kong placed second, with 890 blockchain patents, 1,163 jobs successful the sector, and 52 crypto exchanges, reflecting the city’s continued propulsion successful the integer plus space.

In 2024, Singapore doubled down connected its regulatory momentum. The Monetary Authority of Singapore issued 13 large outgo instauration licenses to crypto exchanges, much than doubly the fig granted successful 2023.

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