According to a recent report by Independent Reserve, awareness of cryptocurrencies in Singapore remains high, despite a decrease in the number of asset holders.
General Awareness of Crypto Assets
The report finds that 94% of respondents in Singapore are aware of digital assets. However, only 29% of the population owns cryptocurrency, a decrease from 40% last year. Bitcoin remains the most recognized, with 91% awareness, which is a 9 percentage point increase from 2024, while awareness of Ethereum is 54%.
Outlooks on Bitcoin's Future and Crypto Investing
The survey revealed that 33% of respondents view Donald Trump as positive for cryptocurrency, while 19% have a pessimistic outlook. There is also a clear divide between the optimism of those who have already invested in cryptocurrencies (62%) and those who have not (22%). Meanwhile, 77% of respondents believe Bitcoin will reach $100,000 by 2030.
Forecasts and Prospects for the Crypto Market in Singapore
Forecasts suggest that the revenue of the cryptocurrency market in Singapore could reach $229.4 million by 2025. In 2023, funding for cryptocurrency startups amounted to $627 million, down from $1.2 billion in 2022. As of the time of publication, the total crypto market size stood at $3.57 trillion, indicating a 4.41% increase.
In conclusion, despite high awareness of cryptocurrencies in Singapore, there is a decline in the number of holders. Nevertheless, the optimism among investors and the anticipated market growth suggest potential for further development of the crypto industry.
