Key Points
- 48% of Singaporean crypto investors plan to increase their Bitcoin holdings by 2024.
- The SEC’s approval of Bitcoin ETFs is driving a positive shift in Singaporean investor sentiment.
As the Bitcoin halving event in 2024 draws closer, nearly half of Singapore’s crypto investors are planning to increase their Bitcoin holdings within the next year.
This data comes from the 4th edition of an annual crypto study conducted by the Independent Reserve.
Bitcoin ETFs and Investor Sentiment
The approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) is a significant factor influencing this trend.
As a result, 39% of Singaporeans now have a more favorable view of Bitcoin.
Interestingly, 51% are aware of the SEC’s approval, and 33% are open to investing in offshore offerings due to the lack of such products for retail investors in Singapore.
However, the growing availability of Bitcoin ETFs has become popular, with about 75% of Singaporeans showing a clear preference for directly investing in Bitcoin through cryptocurrency exchanges.
This preference is primarily driven by the appeal of lower fees associated with direct investment and the potential for a broader range of trading opportunities offered by these platforms.
Emerging Trends in Singapore’s Crypto Investment
The Independent Research Cryptocurrency Index (IRCI)’s latest findings reveal an increasingly sophisticated and nuanced view of crypto investment in Singapore.
Reflecting a broader trend, a significant portion (52%) of Singapore’s cryptocurrency enthusiasts have been involved in the market for over three years, indicating a maturing group of investors.
The report indicates that Singaporean investors in cryptocurrency are becoming more confident and clear about their investment strategies.
A significant 53% plan to invest more money into their current cryptocurrency holdings, while 45% want to expand into new cryptocurrency opportunities.
Despite economic uncertainties and rising interest rates, many crypto enthusiasts in Singapore remain undeterred.
Notably, around one-third (29%) plan to maintain or increase their investments in cryptocurrencies, hoping for future growth and returns.
Singapore’s older population is also becoming more involved, with 25% of Boomers (above 55 y/o) firmly intending to maintain or expand their cryptocurrency investments.
This strong stance signifies a transformative mindset where cryptocurrencies play a crucial role in diversifying financial portfolios and seizing innovative opportunities.
Bitcoin Halving 2024 and Investor Expectations
With the Bitcoin halving 2024 event on the horizon, anticipation surrounds the digital currency’s future path.
Nearly half of investors believe Bitcoin’s value will reach between S$50,000 and S$100,000 by 2030.
Remarkably, 31% of current crypto investors express confidence that Bitcoin will surpass $100,000, a significant increase from previous years.
“Ultimately, this year’s IRCI reveals that Singaporeans are just as excited about Bitcoin as I am. Bitcoin is seen as a digital gold, but superior to gold in many ways – it is portable, divisible, scarce, verifiable and can move over the internet 24-7”, said Mr Lasanka Perera, CEO of Independent Reserve Singapore.
In a landscape common with uncertainty, the Singaporean crypto community emerges as a driving force, leading the way towards a new era where Bitcoin establishes itself as a pivotal element in revolutionizing finance.
