Singapore, a city-state that’s always ahead of the game, now boasts 94% of people knowing what cryptocurrencies are. Almost everyone’s heard of Bitcoin, Ethereum, and their digital cousins.
But while awareness is skyrocketing, the number of people actually holding crypto is slipping. Down from 40% last year to just 29% now. What’s going on?
King of the hill
This juicy tidbit comes from a fresh survey by Independent Reserve, a big player in the crypto exchange world.
They dug into Singaporeans’ crypto habits and found this curious mix of hype and hesitation.
Bitcoin? Still king of the hill. Among those who do own crypto, 68% have Bitcoin in their wallets.
And get this, 86% of investors see Bitcoin not just as some flashy cryptocurrency, but as a serious money tool and investment. It’s like the Godfather of crypto, respected, feared, and always in control.
Now, despite fewer people jumping into the market, those already in are feeling bullish. Over half, 53% are planning to beef up their crypto stash in the next year.
Meanwhile, 17% of the crypto-curious crowd, those who haven’t yet taken the plunge, are thinking about joining the party. It’s like a slow dance, some stepping back, others moving closer.
Self custody
Here’s another interesting thing, as most investors prefer to hold their crypto directly.
About 61% want their coins in their own hands, not wrapped up in ETFs. They want control, the real deal, not some middleman’s promise.
Stablecoins, the digital dollars pegged to real money, are also making waves.
Nearly half of investors, 46% hold stablecoins, and among those, a solid 83% are US dollar-backed. It’s like having a safety net against the crypto volatility.
Ready or not
So Singaporeans know crypto like the back of their hand now, but owning it? That’s a different story.
Maybe it’s caution, maybe it’s market jitters, or maybe people are just waiting for the right moment to strike.
Either way, the love for Bitcoin and stablecoins is clear, and the crypto game in Singapore is far from over.
Disclosure:This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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