In Singapore, the number of Gen X members who own cryptocurrencies reached 55% in 2022. The primary reason behind the rise in digital asset adoption has been a desire to diversify investments.
Among Singaporeans aged 46 to 55, the share of crypto users in 2022 increased by 20%, surpassing the 55% mark. This is evidenced by the results of a study by the Australian crypto exchange Independent Reserve.
Analysts found that a key reason for the growing popularity of digital assets in Singapore was the need to diversify the investment portfolio. The other two main reasons include advice from relatives and acquaintances and information from the media.
Other interesting findings of the Independent Reserve study include:
- the share of crypto holdings among Singaporeans overall increased by 3% to 43%;
- the number of female crypto investors grew by 7% to 37%;
- 76% of women reported that their crypto investments are profitable or break-even, compared to 72% of men.
- 91% of Gen Z (26 and younger) are aware of cryptocurrencies, but the adoption rate among this age group is the lowest — 39%;
- among crypto investors, 23% invest $1,000 or more monthly in digital assets;
- 95% of users investing in crypto for five years or more are break-even or making a profit.
A total of 1,500 Singaporeans participated in the study, with the selection of respondents reflecting the country’s demographics with proportional breakdowns by gender, age, income, and ethnicity. The trends identified by the Independent Reserve are confirmed by earlier studies. For example, KPMG analysts found that over 90% of family offices and high-net-worth individuals (HNWIs) in Singapore were interested in or had already invested in crypto-assets in 2022.
