Skip to content

Almost Half of SG Crypto Investors Only Have “Basic Crypto Understanding”

Table of Contents

Singapore investors are keen to invest in crypto, but a troubling proportion of them have a limited understanding of the asset class.

In a survey conducted by ad firm BBH, results revealed the exposure to crypto from Singaporean investors. 1,000 Singapore investors were surveyed between May and June amid crypto winter.

BBH managing director Sid Tuli, who described the results as “shocking,” said “the impact of the crypto crash was far larger than we expected.”

One in three Singaporeans in the survey had invested in crypto. One in six said they had “lost so much money that it has seriously impacted their lives.”

The pandemic proved to be a catalyst for crypto, which is now the second most popular asset class for investors (behind stocks). 51% bought crypto over only the past two years.

Read more: Meme Culture Strengthens as CryptoDickbutts NFT Volume Surges 935%

However, just under half of crypto investors had a basic understanding of it, whilst a further half said they had no understanding of blockchain.

Some 61.8% of crypto investors in Singapore are under 35 whilst a quarter of those over 45 said over 50% of their portfolio was in crypto.

“Some people saw it as a shortcut,” Faraaz Marghoob, BHH group strategy director, said. “The future is hard to call, and from our research, we know people are inherently nervous about it. People don’t know if their jobs are going to be relevant anymore, so anything that can give them a sense of security over their future really appeals emotionally.”

Read more: US-Sanctioned Money Laundering Tool Tornado Cash Used by Vitalik Buterin for Ukraine Relief

The FUD surrounding crypto winter hasn’t deterred investors in Singapore either, with the majority remaining confident about the asset class. Some 65% said they would continue to invest in crypto assets over the next three months, whilst 69% said crypto was the future of money – an increase of 11% over the month.

“Despite the recent crash, enthusiasm towards crypto investments remains relatively strong, with the majority of investors still standing in their belief that cryptocurrency is the future of money and that the value of their crypto assets will only go up over time,” Tuli said.