Crypto Ownership in Singapore Plummets in 2024 as Investors Rebalance Portfolios

Singapore’s crypto market saw a sharp decline in ownership in 2024, dropping from 40% to 29%. This significant shift, detailed in the 2025 Independent Reserve Cryptocurrency Index (IRCI), shows that half of the country’s crypto holders sold their assets. Despite the sell-off, optimism persists among the remaining investors, many of whom plan to increase their crypto holdings. Additionally, the use of crypto for payments continues to grow, indicating a maturing market.

• Crypto ownership in Singapore falls from 40% to 29% in 2024
• 50% of Singaporean crypto holders sell their assets
• Bitcoin and Ethereum remain top choices

Decline in Ownership

The sharp decline in crypto ownership in Singapore reflects a broader trend of investors locking in gains and rebalancing their portfolios. Portfolio rebalancing means adjusting the mix of investments to maintain a desired level of risk and return. The IRCI data indicates that 67% of those who sold their crypto made a profit, suggesting a strategic move amidst global economic uncertainties. It seems like Singapore’s crypto party saw half the guests leaving early, but the die-hards are still dancing!

Investment Trends

Bitcoin and Ethereum continue to dominate the Singaporean crypto market, with ownership rates at 68% and 48% respectively. A significant 65% of investors diversify their portfolios, holding between two to five different cryptocurrencies. Lasanka Perera, CEO of Independent Reserve Singapore, highlighted this shift:

“Singaporeans now have a more thoughtful, disciplined approach to investing in crypto. They have been making smart plays and know that being in the right asset class matters. It’s been exciting to witness the market becoming more informed and mature when it comes to digital assets.”

Mark Wong, Head of Trading at Independent Reserve Singapore, added that past market losses have driven investors towards high-quality assets, focusing on portfolio diversification and robustness over speculative hype.

Cryptocurrency for Payments

Despite the drop in ownership, the practical use of cryptocurrencies is on the rise. More than half of Singaporean crypto holders have used digital assets for payments, with 52% already utilizing this method and 67% planning to increase their usage in the future. This trend aligns with global movements towards the acceptance of cryptocurrencies in everyday transactions, supported by companies like Triple-A, which facilitate crypto payments.

Regulatory Environment

While 94% of Singaporeans are aware of cryptocurrencies, trust remains conditional on better regulation and improved company conduct. The regulatory environment in Singapore, known for its stringent yet progressive approach, plays a crucial role in shaping investor confidence. Clearer regulations and responsible corporate behavior could significantly boost trust in digital assets, potentially leading to increased adoption. For more on the impact of regulation on cryptocurrency trust in Singapore, refer to expert discussions.

Future Outlook

The future of crypto in Singapore looks promising, with 53% of existing holders planning to buy more within the next 12 months. This optimism is tempered by geopolitical influences, such as the ‘Trump effect,’ with 33% of respondents viewing President Trump’s pro-crypto stance positively. Imagine a celebrity endorsement influencing product sales—that’s how Trump’s support can sway crypto sentiment.

Stablecoins and memecoins like Dogecoin are also gaining traction, driven by media attention and high-profile endorsements. With 46% of crypto investors owning or having owned stablecoins, their use for payments and decentralized finance (DeFi) represents a growing segment of the market. Motivations for investing are shifting away from FOMO (Fear Of Missing Out) towards more strategic portfolio considerations, signaling a maturing investor base.

Counterpoints and Challenges

While the future looks bright, it’s not all sunshine and rainbows. The increased use of crypto for payments could heighten the risk of fraud and scams, which are already prevalent in the crypto space. Additionally, the ‘Trump effect’ might be more of a temporary boost rather than a sustainable influence on the market. And let’s not forget, while Bitcoin and Ethereum are leading the pack, the proliferation of altcoins and memecoins can lead to a dilution of focus and resources, potentially undermining the overall health of the crypto ecosystem.

Key Takeaways and Questions

• Why did crypto ownership fall in Singapore in 2024?

  Crypto ownership fell due to investors locking in gains and rebalancing their portfolios, showing a shift towards a more selective and disciplined approach amid global economic uncertainties.

• What cryptocurrencies are most popular among Singaporean investors?

  Bitcoin and Ethereum remain the most held cryptocurrencies, with ownership rates of 68% and 48% respectively.

• How are Singaporean crypto investors planning to engage with the market moving forward?

  Over half (53%) of existing holders plan to buy more crypto within the next 12 months, indicating strong confidence among remaining investors.

• What is the current use of crypto for payments in Singapore?

  More than half of Singaporean crypto holders use digital assets for payments, with 52% having used crypto for this purpose and 67% planning to increase their usage in the future.

• How does the preference for crypto compare to other investment options in Singapore?

  Only 20% of Singaporeans invest in crypto, compared to nearly half who invest in stocks or fixed deposits, showing a clear preference for traditional investment vehicles.

• What role does regulation play in the trust of cryptocurrencies in Singapore?

  Trust in cryptocurrencies depends on stronger rules and improved company conduct, as public awareness is high but trust remains conditional.