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Singaporeans are increasingly viewing Bitcoin in a favorable light, thanks to the recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States.
According to a new report from the digital currency exchange Independent Reserve, 39% of Singaporeans have expressed a more favorable view of Bitcoin following the approval of spot Bitcoin ETFs.
There is also a high awareness of the US SEC’s approval of spot Bitcoin ETFs among Singaporeans, with 51% of respondents indicating their knowledge of this development.
Furthermore, 33% of participants are open to investing through an overseas offering since retail investors in Singapore do not have access to such products.
Crypto Investors in Singapore Plan to Increase BTC Holdings
As the Bitcoin halving event approaches in April, 48% of crypto investors in Singapore plan to increase their Bitcoin holdings over the next 12 months.
The report noted that this sentiment is particularly strong among those who already hold more than 50% of their portfolio in cryptocurrencies, with 68% intending to further increase their Bitcoin investments.
JUST IN: The 🇺🇸 Spot #Bitcoin ETF “is as big a deal as people are making it out to be,” says Hassan Ahmed, the Country Director for Singapore at Coinbase. (CNBC) pic.twitter.com/G626C2pTRd
— Simply Bitcoin (@SimplyBitcoinTV) January 4, 2024
When given a choice, 75% of Singaporeans prefer to invest directly in Bitcoin through a cryptocurrency exchange rather than using a Bitcoin ETF.
The reasons cited for this preference include lower fees and a wider range of trading options available on cryptocurrency exchanges.
“The long-awaited arrival of spot Bitcoin ETFs has supercharged the demand side for Bitcoin as billions of dollars from institutions have poured in,” Lasanka Perera, CEO of Independent Reserve Singapore, said.
“The trust and understanding of Bitcoin have grown significantly over the past few years, and more Singaporeans are increasing their allocations.”
The Independent Reserve Cryptocurrency Index (IRCI) for Singapore scored 56 this year, reflecting a positive shift in public perception toward cryptocurrencies.
While overall awareness and ownership of cryptocurrencies may have slightly decreased, other key metrics suggest growing confidence and optimism in the market.
Singaporean Crypto Investors Are Becoming Experienced
The study also revealed that Singaporean cryptocurrency investors are becoming more experienced.
More than half (52%) have been in the market for over three years, and their portfolios are becoming increasingly diverse, with 16% now holding six or more different cryptocurrencies.
Meanwhile, diversification remains a primary motivation for Singaporean crypto owners, with 52% investing in cryptocurrencies to expand their investment portfolios.
Despite market volatility, 53% of respondents plan to invest more in their existing portfolios, while 45% expressed an interest in diversifying into new projects.
Experienced investors, those with over five years of market experience, engage in frequent trading, with 61% trading at least once a week compared to newcomers.
This year, 64% of crypto owners reported making profits, a significant increase from previous years, while only 10% experienced losses.
More than half of the respondents (55%) believe that cryptocurrencies will be widely accepted by businesses and the general public, with 35% of non-crypto owners sharing this belief as well.
A recent report by Seedly and Coinbase, conducted in the fourth quarter of 2023 and encompassing over 2,000 adults, found that 57% of respondents currently hold digital assets.
The majority of respondents said they have invested between US$1,000 and $25,000.