Crypto ownership dips in S’pore but is stable in US, UK and France: Poll
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While crypto ownership in Singapore has slid, the Gemini report said sell-offs have slowed down in the past six months.
PHOTO: REUTERS
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SINGAPORE - Cryptocurrency ownership has dipped in Singapore but remains steady in the United States, the United Kingdom and France, a report by exchange Gemini said.
Some 26 per cent of 1,200 Singapore residents aged 18 to 75 said they own digital assets, according to a global study of crypto adoption which held the poll between May 23 and June 28.
This is down from 30 per cent in 2022 when an earlier poll was conducted between Nov 23, 2021, and Feb 4, 2022.
In the 2024 report, 21 per cent of respondents in the US said they are crypto owners, with 18 per cent in both the UK and France. In 2022, it was 20 per cent in the US, 18 per cent in the UK and 16 per cent in France.
The 2024 global state of crypto report is based on a survey conducted with 6,000 adults across the US, UK, France, Singapore and Turkey.
It found that while crypto ownership in Singapore slid, the sell-offs have slowed down in the past six months as the market improved. Price volatility was a key reason for the exit of most investors. In Singapore, 30 per cent of past crypto owners said they sold off their investments as they suffered losses.
That said, investors in Singapore are more optimistic, with 10 per cent of respondents selling their cryptocurrencies in the past six months, compared with 49 per cent selling more than a year ago.
Gemini said 70 per cent of past crypto owners in Singapore expressed interest in returning to the market in the next year.
The report said: “In March, Bitcoin reached a new all-time high of US$73,737.94 (S$96,322.19) after spot Bitcoin exchange-traded funds began trading in the US, generating billions in inflows from institutional investors.
“And now, the retail crypto market appears poised to rebound.”
About 65 per cent of current global investors polled said they buy cryptocurrency with a buy-and-hold strategy for long-term growth.
In the US, UK and Singapore, 46 per cent of respondents said they actively buy and sell crypto for profits. This was lower in France at 34 per cent.
The report also found that 41 per cent of Singapore residents bought crypto as a hedge against inflation. This is higher than the 34 per cent polled in the US and UK, but slightly lower than the 42 per cent in France.
Compared with 2022, a higher percentage of respondents in 2024 in the US (38 per cent), UK (38 per cent) and Singapore (49 per cent) said regulatory uncertainty was a barrier to investing in crypto. It was the opposite in France at 32 per cent.
