Over 40% of Singaporeans Invest in Crypto: Survey


A new survey conducted by Independent Reserve discovered that 43% of 1,500 Singaporean respondents own cryptocurrency. This number is slightly up from the 40% reported in the same survey from last year, and the 43% from 2021 during the bull run.

A majority of the HODLers (77%) reported having two or more digital assets in their portfolio, with diversifying investments being their main reason for investing.

The Growing Interest Following Market Revival

Not only is crypto adoption on the rise, but Singaporeans also appear to be more knowledgeable about the asset class. 91% of respondents said they were aware of cryptocurrencies, with Bitcoin being the most popular (87%) followed by Ethereum (51%).

“This is a promising sign for the industry as more investors gain exposure to various types of blockchains and projects that have innovative utility and potential to be adopted more widely for real-world applications and use cases,” commented Lasanka Perera, CEO of Independent Reserve Singapore.

“The rising popularity of altcoins shows that more Singaporeans are beginning to gain more awareness about other cryptocurrencies apart from Bitcoin.”

When asked why they decided to enter the space, 54% of respondents said it was to diversify their portfolio. This number rose to 68% when talking about investors with 5+ years of experience, while 48% said they wanted to get rich.

Half of the people who began investing in the past 12 months said they were influenced by family members, friends, or social media. The highest knowledge about the asset class was found to be among those aged 26 to 35 years old.

Long-Term Holders Profiting from Investments

The market downturn in 2022 did not seem to have an effect on short-term confidence, as 72% of all HODLers said they would recommend investing in crypto to friends and family.

78% of those who have been part of the ecosystem for over five years said that the value of their crypto had increased, compared to 40% of those who started investing less than a year ago who reported losses.

Female Investors on the Rise

The survey also found that the number of female investors had increased by 7% to 37%. These female investors were also more successful in terms of profits, with 76% saying they had either made money or broken even, compared to 72% of male investors.

25% of female investors had allocated over 20% of their wealth to the asset class, with 48% saying they plan to invest more in the future.

Income Affects Investment Amounts

The survey also discovered that the amount people invest in crypto depends on their income. 8% of Singaporean investors who earned up to $4,999 a month said they allocated $1,000 or more per month to crypto, compared to 53% of people with salaries higher than $10,000 who distributed $1K monthly.

24% of HODLers invested over $1,000 every 30 days in digital assets, a 4% increase from 2022, with the share of those purchasing crypto worth $10,000 or more on a monthly basis rising by 1%.

“Higher-income earners are likely to allocate more of their investment portfolio towards cryptocurrency. Overall, the higher-income groups say their cryptocurrency investments have made money, or they broke even.” the study outlined.

“The S$7,000 to S$9,000 income segment, who allocated the highest portion of their investment portfolio towards cryptocurrency, has 67% claiming to have made a profit. They are also the segment that is the most confident about the long-term viability of the cryptocurrency market.”

Related articles

Recent articles