Despite 94% Crypto Awareness, Only 29% of Singaporeans Hold Any: Survey

Adoption Singapore Survey

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Sujha Sundararajan

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Sujha Sundararajan

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Last updated: 

May 22, 2025

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Nearly every Singaporean has heard of cryptocurrency, but fewer are diving in headfirst, a new survey by MAS-licensed crypto exchange, Independent Reserve, revealed.

Crypto awareness among Singaporeans has hit a new high of 94%. However, only 29% currently own or have owned crypto in the past year, down from 40% in 2024.

“This decrease in crypto adoption comes as Singaporeans take a more defensive financial posture against the backdrop of global macroeconomic uncertainty,” a detailed report noted.

The exchange surveyed 1,500 residents across Singapore in February 2025.

Survey Reveals Shifting Sentiments in 2025

Independent Reserve claims that many Singaporeans are reallocating toward traditional investments. For instance, the share of respondents keeping cash in savings or fixed deposits has risen to 49% in 2025, up from 42% in 2024.

“Investors are selectively managing risk and diversifying across asset classes in response to broader economic conditions,” the survey read.

Mark Wong, Head of Trading at Independent Reserve, explains that the BTC/SGD pair dropped 19.3% from S$143,000 (US$110,832) in January to mid-April. “This decline reflects a broader pullback from risk assets,” he noted.

Further, Wong said that Singapore’s crypto investors have shifted towards “high-quality assets” that maintain resilience in volatile conditions.

“Painful lessons from speculative tokens have taught investors to prioritise robustness over hype,” he said. “Survey data reveals that investors holding two to five cryptocurrencies are most likely to report gains or break even, whilst those with eleven or more cryptocurrencies fare worse.”

Besides, the trend is among the younger crypto users in Singapore, per the Straits Times report published last month. Though the ownership rate has decreased, younger generations, particularly Gen Z and millennials, are leading cryptocurrency adoption, with around 40% holding crypto.

Singaporean Investors Believe Bitcoin Would Surpass $250K by 2030

However, Bitcoin has been emerging as a possible safe haven amidst stagflation concerns. 68% of crypto investors in Singapore said they hold Bitcoin, and 23% believe that the world’s largest crypto will surpass $250,000 by 2030.

Wong said that 59% of respondents favour Bitcoin over other crypto assets. “Even amongst non-crypto owners, it commands trust, with 52% favouring Bitcoin over stablecoins (48%).”

Bitcoin set a fresh record at $109,487.23 on Wednesday, after witnessing a rising ETF inflow. The crypto is trading at $110.95 at press time.

Additionally, the survey revealed that 28% of crypto investors hold a memecoin, with 43% of Singaporeans aware of at least one memecoin.

“Memecoins are broadening the entry points into crypto. While they may not serve as core holdings, their cultural relevance has expanded the reach and accessibility of crypto for a new generation,” says Lasanka Perera, CEO of Independent Reserve.