More than 6 in 10 retail investors in Singapore hold crypto, but allocation size conservative: survey

[SIINGAPORE] Sixty-one per cent of retail investors in Singapore own cryptocurrency, but crypto allocation remains low, as crypto makes up less than 10 per cent of most portfolios.

These findings were reported by Singsaver and Coinbase’s first ever joint report Pulse of Crypto Survey, which surveyed 3,513 active retail investors and members of the "wider crypto-curious public" in Singapore in August this year.

Their report noted that 74 per cent of crypto holders allocate less than 10 per cent of their assets in crypto.

Less than one in 10 surveyed (8 per cent) held more than 25 per cent of their assets in crypto.

Their report also noted that the median portfolio size of investors is between S$3,000 and S$5,000, and an average crypto holder owns three different cryptocurrencies.

The diversification of cryptocurrency is a common practice although most portfolios are concentrated in top assets, the report stated.

“Retail exposure is significant but not over-leveraged, balancing ambition with caution,” the report said.

Interestingly, more than half of the respondents identified as “HODL” – holding on for dear life – traders, while 20 per cent identified as active traders. The remaining 22 per cent identified as occasional traders.

“HODLing remains dominant, showing faith in crypto’s long-term value,” the report said.

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This was demonstrated by 44 per cent of respondents viewing crypto as an asset. Still, almost a third (29 per cent) see crypto as a speculative tool.

The divergent view reveals crypto’s dual identity as both investment and speculative, the report said.

Generation Z and millennials lead the charge

Over 70 per cent of holders are between 18 and 34 years old: half are between the ages of 18 and25 and the other half are between 25 and 34.

At the other end of the spectrum, only around one in 10 (12 per cent) of those who hold crypto are above 45.

Not surprisingly, the report said that the market is “youth-driven” with digital-native cohorts leading the adoption.

Social media platforms dominate cryptocurrency education, with 62 per cent of respondents citing social media as one of the ways they learn about cryptocurrency.

Other factors such as friends and family, as well as media and exchange blogs were cited as top ways people learn about cryptocurrency.

But despite higher adoption rates, barriers of entry when it comes to crypto adoption still exist. Sixty-eight per cent of all respondents cite volatility as a barrier to adoption, while 57 per cent cite knowledge gaps as another barrier.

“Education gaps, volatility concerns, and reliance on social media present vulnerabilities. These conditions create both opportunities and responsibilities for stakeholders to support informed participation,” Singsaver and Coinbase said in the media release.

Nonetheless, 27 per cent of non-holders plan to invest in cryptocurrency over the next 12 months, while 33 per cent remain undecided.

“The (crypto) market’s future growth depends on bridging knowledge divides, building trust through transparency, and ensuring platforms meet consumer needs with security and reliability,” noted the report.

Crypto’s role as both investment and speculation must be clarified for long-term integration into Singapore’s financial system, the report concluded.