Crypto ownership down to 26% despite resilience
However, 23% are likely to reenter the market.
Cryptocurrency ownership in Singapore dropped from 30% in 2022 to 26% in 2024, Gemini’s 2024 Global State of Crypto report revealed.
Selling activity has slowed significantly, with only a tenth of Singaporean investors selling in the past six months, compared to 49% over a year ago. Price volatility was a key reason for selling, with 30% of investors exiting due to losses.
Despite the downturn, many former crypto owners remain optimistic, with 23% likely to buy crypto in the next year, 47% somewhat likely to return, and 30% unlikely to reenter the market.
A majority (57%) of current crypto owners are comfortable with making digital assets a significant part of their portfolios, with 54% of Singaporean investors willing to allocate at least 5% of their assets to crypto.
The report also revealed the wider gender gap in the market, with 31% of Singaporean crypto owners being women compared to 54% in 2022. However, given the high percentage of owners willing to reenter, Gemini said this could quickly reverse over the coming year.
Investors remain bullish on Bitcoin and Ether, expecting price increases over the next five years and broader acceptance as a payment method within the next decade. However, regulatory uncertainty remains a concern, cited by 49% of Singaporeans, followed by 38% in the US and UK.
The report surveyed over 6,000 participants across the US, UK, France, Singapore, and Türkiye.