Results from a recent survey of 1,000 Singapore residents show that 43 percent of Singaporeans own some form of cryptocurrency
A recent independent survey conducted by Independent Reserve in Singapore found that roughly 43% of citizens own cryptocurrency. The consumer research firm Toluna carried out the survey, and Singapore scored 63 points on the Independent Reserve Cryptocurrency Index (IRCI). The poll also revealed that 46% of Singaporeans plan to acquire crypto within the next year, and 25% are seriously considering doing so.
When considering only adults under 45, that ownership rate rises to 61%. The gender breakdown showed higher adoption among men, with 51% of male respondents owning crypto compared to 35% of female respondents. The 26–45 age group demonstrated the highest adoption rate, with 66% owning cryptocurrencies versus 29% among other age cohorts.
This younger cohort also displayed the greatest diversity of holdings: 58% owned the leading cryptocurrency Bitcoin, 38% held Ethereum, and 36% owned other available coins. Older age groups showed less variety in their crypto portfolios, with Bitcoin and Ether being the dominant tokens at 22% and 11% ownership respectively.
Awareness of cryptocurrencies was high: 93% of respondents said they had at least heard of crypto, and 90% were familiar with Bitcoin. Among those respondents, 57% reported having a preferred cryptocurrency and 45% named Bitcoin as their preferred coin. Opinions about Bitcoin varied: 25% viewed it as a store of value while 40% considered it an investment asset.
The survey also measured trust and sentiment around cryptocurrencies. Seven percent of participants said they believed Bitcoin was a scam. At the same time, the study found that three in five Singaporeans were confident Bitcoin would grow and achieve wider adoption. Three quarters of participants reported seeing an increase in their wealth as a result of owning crypto, while 7% said they had experienced losses from crypto investments.
The report highlighted the significant impact of the COVID-19 pandemic on crypto purchasing plans: 21% of those who planned to buy crypto last year attributed their failure to do so to the pandemic or the uncertainty it created. The survey identified Singapore as a major financial hub in Asia and credited the growth in the crypto sector to a supportive regulatory environment that encourages crypto use and adoption. The Payment Services Act was singled out as a major contributor to reforms in licensing and regulation in the crypto space.