Crypto ownership among Singaporeans dropped from 40% in 2023 to just 29% in 2024. Despite public awareness reaching an all-time high of 94%, a significant decline in ownership was reported last year.

An Independent Reserve Cryptocurrency Index (IRCI) survey indicated that nearly half of crypto investors sold part or all of their holdings in 2024, with 67% of those who sold achieving profits. This trend highlights a potential maturation in the market, with investors aiming for quality and profit-taking.

Crypto awareness in Singapore hits record 94%, but ownership falls link — Dr. Martin Hiesboeck (@MHiesboeck) May 22, 2025

Market Insights

The survey revealed:

• Bitcoin maintains its dominance with over 68% of crypto investors holding BTC.
• 48% of respondents have Ethereum holdings.
• 53% of current investors plan to increase their investments, with 17% of non-investors considering joining the market.
• Bitcoin is viewed as a reliable currency or investment by 86% of Singaporeans.

Despite ownership declines, the sentiment among investors remains optimistic. Trust varies between stablecoins and Bitcoin, with 44% preferring stablecoins mainly due to their stability.

Stablecoins Surge

The survey found that 21% of crypto investors in Singapore currently own stablecoins, with 83% of stablecoin holders favoring USD-pegged tokens. The Monetary Authority of Singapore (MAS) recognizes stablecoins as a viable digital payment medium and is implementing regulations to ensure their stability and reliability.