By
Chimamanda U. Martha
April 26th, 2024
The report shows that the Singapore investors involved in cryptocurrency are becoming more clear and confident about their investment strategies.
As the Bitcoin halving 2024 event approaches, nearly half (48%) of crypto investors plan to increase their Bitcoin holdings in the next year, according to the 4th edition of the annual crypto study by the Independent Reserve. For investors with over half their portfolio in cryptocurrencies, a striking 68% aim to boost their Bitcoin allocations. This trend reflects strong confidence in Bitcoin despite its impending supply reduction.
The US Securities and Exchange Commission (SEC) approval for spot Bitcoin exchange-traded funds (ETFs) is a pivotal development driving this transformative trend. 39% of Singaporeans now view Bitcoin more favorably. Remarkably, 51% are aware of the SEC’s approval, while 33% express openness to investing via offshore offerings due to the unavailability of such products for retail investors within Singapore.
However, the increasing availability of Bitcoin ETFs has gained traction, and a notable majority of Singaporeans, estimated at 75%, exhibit a distinct preference for directly investing in Bitcoin through cryptocurrency exchanges. This preference is driven by two primary factors: the appeal of lower fees associated with direct investment and the potential for a wider range of trading opportunities offered by these platforms.
Bitcoin ETFs Reshape Singapore Investments
The Independent Research Cryptocurrency Index (IRCI)’s latest findings reveal an increasingly sophisticated and nuanced crypto investment view in Singapore. Reflecting a wider pattern, a significant portion (52%) of Singapore’s cryptocurrency enthusiasts possess an involvement in the market spanning over three years, signifying a maturing group of investors.
The report shows that the Singapore investors involved in cryptocurrency are becoming more clear and confident 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.
In the face of economic uncertainties and increasing interest rates, many crypto enthusiasts in Singapore remain undaunted. Remarkably, around one-third (29%) plan to sustain or increase their investments in cryptocurrencies, hoping for future growth and returns.
Singapore’s older population also emerges, with 25% of Boomers (above 55 y/o) firmly intending to maintain or expand their cryptocurrency investments. This resolute stance signifies a transformative mindset, where cryptocurrencies take on a vital function in diversifying financial portfolios and grasping innovative prospects.
Singapore’s Bitcoin Halving 2024 Anticipation Soars
With the Bitcoin halving 2024 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 notable 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.
