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Singapore's Cryptocurrency Landscape: Bitcoin Dominates, Mass Adoption on the Horizon

Introduction

The Independent Reserve Singapore (IR), the nation's first regulated cryptocurrency exchange, has released its fourth annual Cryptocurrency Index (IRCI), providing insights into the perceptions and behaviors of Singaporeans towards digital assets. The report highlights the enduring popularity of Bitcoin, growing industry optimism, and shifting investment strategies.

Bitcoin's Unwavering Dominance

Fueled by recent developments, including the approval of spot Bitcoin exchange-traded funds (ETFs) in the United States, Bitcoin has emerged as the most popular cryptocurrency among Singaporeans, with 39% viewing it favorably. The US Securities and Exchange Commission's (SEC) approval of spot Bitcoin ETFs has further fueled interest, with 51% of Singaporeans aware of the decision. Notably, 33% are open to investing through overseas offerings, despite the unavailability of such products for retail investors in Singapore.

Bitcoin Halving Event Anticipation

With the highly anticipated Bitcoin halving event approaching in April, 48% of crypto investors plan to increase their Bitcoin holdings over the next 12 months. This sentiment is particularly strong among those with significant crypto exposure (over 50% of their portfolio), with 68% indicating an intention to buy more Bitcoin.

Preference for Direct Bitcoin Investment

Despite the availability of Bitcoin ETFs, 75% of Singaporeans prefer to invest directly in Bitcoin through cryptocurrency exchanges. This preference stems from lower fees and a wider range of trading options offered by exchanges.

Institutional Adoption and Growing Trust

The long-awaited arrival of spot Bitcoin ETFs has spurred significant institutional demand, injecting billions of dollars into the Bitcoin market. This has bolstered public trust and understanding of Bitcoin, leading to an increase in Singaporeans allocating funds to the cryptocurrency.

Singapore's Positive IRCI Score

Singapore's 2024 IRCI score of 56 reflects a positive shift in public sentiment towards cryptocurrency. While overall awareness and ownership may have declined slightly, key metrics such as confidence and optimism have strengthened.

Increased Investor Sophistication

This year's IRCI also reveals growing sophistication among Singaporean crypto investors. The majority (52%) have been in the market for over three years and hold increasingly diverse portfolios, with 16% now holding six or more different cryptocurrencies.

Cryptocurrency as an Alternative Asset Class

The reasons for investing in cryptocurrency have also shifted, with 52% of Singaporeans primarily investing for portfolio diversification, highlighting the growing recognition of crypto as an alternative asset class.

Profitability and Optimism

A higher proportion of Singaporeans have made money on their crypto investments this year, with 64% reporting profits. This surpasses the profitability levels of the last two years and approaches the 74% peak reported during the 2021 bull market. Only 10% lost money this year, significantly lower than the 26% in 2023.

Mainstream Acceptance and Future Potential

Over half of the respondents (55%) believe that cryptocurrency will become widely accepted by businesses and everyday people, indicating rising mainstream trust and acceptance. Notably, the number of non-crypto owners who anticipate widespread adoption has also increased by 8 percentage points to 35%.

Resilience in the Face of Economic Challenges

Despite rising interest rates and the increasing cost of living, Singaporeans remain bullish on cryptocurrency. Nearly a third (29%) plan to maintain or increase their crypto allocations, with 37% of those not impacted by rising costs also intending to invest or hold their current positions.

Boomers Embrace Cryptocurrency

Boomers (above 55 years old) have emerged as a surprisingly bullish demographic, with 25% planning to hold or increase their crypto allocations despite cost-of-living pressures. Their financial stability and reduced financial obligations may contribute to their ability and confidence in investing in crypto's growth potential.

Generational Differences in Crypto Investment

The report highlights contrasting attitudes between Gen Z (18-25 years old) and Gen X (46-55 years old). Gen Z, facing a more competitive job market, is more inclined towards entrepreneurial ventures and cryptocurrency investment, with 47% having invested in crypto over the last 12 months. Conversely, Gen X, which prioritizes job security and traditional career paths, has a lower participation rate of 30% in cryptocurrency.

Influence of Portfolio Diversification and Recommendations

Portfolio diversification is a primary driver for Gen X investors, with 55% citing it as their motivation for investing in crypto. Gen Z, on the other hand, is heavily influenced by recommendations from family and friends.

Barriers to Non-Investment

Lack of consumer protection, price volatility, a lack of funds, and educational barriers remain the primary reasons for non-investment in cryptocurrency, particularly among Gen X. Conversely, Gen Z faces challenges primarily due to financial constraints and a lack of knowledge.

Bullishness on Bitcoin's Future Price

Gen Z is optimistic about the future of Bitcoin, with 61% believing in its widespread acceptance. However, only 18% believe it will not gain mainstream traction. In contrast, Gen X is more skeptical, with only 44% agreeing with Gen Z's assessment and 17% outright disagreeing.

Excitement for the Bitcoin Halving Event

The Bitcoin halving event, which occurs approximately every four years and halves Bitcoin miner rewards, is widely anticipated to trigger a bull market. Following previous halving events, Bitcoin's value has experienced significant surges. Singaporeans are optimistic about Bitcoin's price, with nearly half (48%) believing it will reach between S$50,000 and S$100,000 by 2030.

Conclusion

The 2024 IRCI report presents a comprehensive analysis of the cryptocurrency landscape in Singapore, highlighting the growing popularity of Bitcoin, increasing industry optimism, and evolving investment strategies among Singaporeans. As the cryptocurrency market continues to evolve, Singapore is well-positioned to remain a key hub for digital asset adoption and innovation.