In 2025, cryptocurrency has become a household term in Singapore, with 94% of residents reporting they have heard of it. Yet, despite this high level of awareness, actual ownership of digital assets has taken a hit, dropping to just 29%—a noticeable fall from 40% in 2024. These insights come from a recent survey conducted by Independent Reserve, a MAS-licensed crypto exchange.

The research, which polled 1,500 residents in February 2025, paints a picture of a nation that’s informed about crypto but cautious when it comes to investing in it.

Why Are Fewer Singaporeans Owning Crypto?

According to the report, the decline in crypto adoption is a result of shifting economic tides. In 2024, more Singaporeans were experimenting with crypto assets. However, with rising global uncertainty and financial instability, many are retreating to safer, more traditional forms of investment.

The number of respondents who now prefer to keep their money in fixed deposits or regular savings accounts has grown from 42% in 2024 to 49% in 2025. In other words, more Singaporeans are taking a defensive financial stance.

“Investors are managing risk more carefully,” the report noted, explaining that people are moving away from speculative crypto plays toward more reliable investments. This trend is also influenced by the local currency’s volatility against Bitcoin. According to Mark Wong, Head of Trading at Independent Reserve, the BTC/SGD pair fell nearly 19.3% from S$143,000 in January to mid-April.

Focus Shifting to Quality Over Quantity

Another noticeable trend is that crypto investors are becoming more selective. Instead of holding large portfolios filled with multiple cryptocurrencies, they are choosing fewer, higher-quality assets. The survey found that individuals holding between two to five coins reported the best outcomes in terms of gains or breaking even. On the other hand, those with over 11 cryptocurrencies were more likely to suffer losses.

Wong attributed this change in behavior to hard lessons learned during previous market downturns. “Speculative assets are no longer attractive,” he said. “Today’s investors are looking for resilience and reliability.”

Younger Generations Still Lead the Way

Despite the overall decline in ownership, younger Singaporeans remain the driving force behind crypto adoption. Gen Z and millennials show higher engagement, with nearly 40% holding some form of cryptocurrency.

This demographic shift was echoed in a recent Straits Times article, which observed a growing appetite for digital assets among youth, particularly those more comfortable navigating online platforms and emerging tech.

Businesses and financial institutions are also adapting, though challenges like usability, security, and merchant adoption continue to hinder broader integration.

Bitcoin Still Commands Trust

The survey results show that Bitcoin remains the most trusted and widely held digital asset in Singapore. A solid 68% of crypto investors own Bitcoin, and among the broader public—including those not currently invested—52% said they trust Bitcoin more than stablecoins.

Furthermore, 23% of respondents believe that Bitcoin could exceed $250,000 in value by the year 2030, reflecting strong long-term optimism. Notably, Bitcoin recently hit a new record price of $109,487, boosted by increasing inflows into U.S.-based Bitcoin ETFs.

Even among those who aren’t currently in the crypto space, Bitcoin’s brand and perceived stability continue to attract interest.

Alternative Crypto Assets Gain Attention

Additionally, the survey revealed that 28% of crypto investors hold smaller, high-risk digital assets, and 43% of Singaporeans are aware of at least one such token.

According to Lasanka Perera, CEO of Independent Reserve, these types of tokens have helped widen access to cryptocurrency for new investors. “They may not serve as core holdings,” he said, “but they have broadened crypto’s appeal and brought new people into the ecosystem.”

What This Means for Singapore’s Crypto Future

The combination of high awareness and relatively low adoption creates a paradox in Singapore’s crypto scene. People are clearly educated on what cryptocurrency is and what it can offer. However, their current investment behavior shows a preference for caution over experimentation.

Even so, the steady trust in Bitcoin, growing youth involvement, and increased interest in newer tokens suggest that Singapore’s crypto market may still have room to expand—just not as quickly or recklessly as before.

As more institutional support, like government regulations and ETF approvals, comes into play, these numbers could shift once again in favor of broader adoption.