Nearly Half of Singaporeans Own Cryptocurrency

Despite market volatility and regulatory pressures, the outlook for crypto adoption remains positive especially in Singapore where nearly half of its residents own the digital asset class, according to a survey.

43 percent of Singaporeans own cryptocurrency, according to a survey by Independent Reserve, a digital set exchange with operations in the city-state since 2020. And adoption is expected to continue to rise with 46 percent of respondents plan to buy crypto in the next 12 months.

Naturally, awareness has been high in Singapore with 93 percent claiming they have knowledge of cryptocurrencies and 90 percent claiming they heard of bitcoin.

Unsurprisingly, younger individuals have led adoption rates at 66 percent for those aged 26 to 45 compared to 31 percent cumulatively for all other age groups.

The same age group was also twice as likely to buy crypto in the next 12 months at 61 percent.

Crypto adoption is expected to increase in Singapore with 59 percent of Singaporeans believing it will reach mass-scale adoption and 70 percent for those under the age of 45.

The price outlook is also positive with half of the respondents expecting bitcoin’s value to rise to S$50,000 by 2030. 13 percent of those under 45 forecast bitcoin’s price to reach S$250,000 by the same year. The data is based on a survey of 1,000 Singaporeans conducted by Independent Reserve.

Independent Reserve also launched its inaugural Cryptocurrency Index for Singapore and scored it at 63 out of 100 using criteria based on awareness, adoption, trust and confidence.

With digital currency gaining momentum worldwide, Singapore continues to emerge as a key hub in Asia due to its robust and well-regulated financial markets infrastructure and openness to new technologies,» said Independent Reserve CEO Adrian Przelozny.

The strong awareness and adoption of crypto among Singaporeans in the survey findings are probably a natural reflection of the country’s progressiveness and commitment to preparing for the future.