Cryptocurrency in Singapore

Mixed Awareness and Adoption of Cryptocurrency in Singapore

Cryptocurrency in Singapore seems to have a mixed level of awareness and adoption, but it's clear that the trend is gradually gaining momentum. While just over a quarter of people are familiar with cryptocurrencies like Bitcoin or Ethereum, a significant portion have yet to even hear of them. Despite its growing presence in global markets, the concept of cryptocurrency still seems unfamiliar to many. Interestingly, when we look at ownership or usage, the numbers paint a slightly different picture. Almost 44% of Singaporeans have tried their hand at owning or using cryptocurrency at some point, while a nearly equal percentage haven't.

Skepticism Slows Cryptocurrency Adoption

Digging deeper into interest, it's clear that cryptocurrency still has a significant barrier to overcome in terms of skepticism. Around 51.67% of the population has no interest in cryptocurrency at all, while smaller number of people are concerned about its risks. Yet, a notable are eager to learn more, even if they don't own any just yet. It's an intriguing space where curiosity exists, but trust and comfort with the technology seem to be slowing broader adoption.

Mobile Wallets Are Popular Cryptocurrecy Storage Methods

For those who do hold cryptocurrency, how they store it reveals much about their level of comfort and involvement with the market. Mobile wallets are the most common storage method, while cryptocurrency exchanges like Coinbase and Binance are also popular options.

Cash Remains the Preferred Payment Method in Singapore

The payment side of things reveals yet another layer of the story. More than a quarter of people in Singapore still prefer to pay with cash when they can, but mobile wallets and credit card apps are rapidly gaining ground. In contrast, the use of cryptocurrency for transactions is still quite limited, with only 10.39% having ever made a purchase with it.

Coinbase Dominates Cryptocurrency Exchanges in Singapore

In Singapore, Coinbase is the most popular exchange, leading the others by a significant amount. Other exchanges, such as Binance and Crypto.com, are also popular. While cryptocurrency may be growing in popularity, the user base is still concentrated within a few well-established services.