A new survey by Singapore-based crypto payment company, Triple-A, has disclosed that the number of crypto owners in Singapore continues to rise, with youngsters leading the way. The report surveyed 1,006 local Singaporeans.
Crypto Trends in Singapore
In 2024, 26% of Singaporeans are cryptocurrency owners, up slightly from 24.4% in 2023.
According to the report, millennials and GenZ (16 – 44 years) are the biggest group of crypto holders with approximately 40% of them owning some type of crypto. Of these, 41.1% apply crypto for purchasing online, 35.9% apply it for paying bills, and 27 percent apply it for making offline retail payments.
On the other hand, older generations (aged 45 and above) are likely to use crypto more for peer-to-peer (P2P) transactions, such as those between friends and family. Thus, among this group, 42.9% use crypto for P2P transactions, 35.7% for online shopping, and 17.2% for bill payments.
Another study from blockchain analytics firm Chainalysis revealed that Singapore has seen a considerable uptick in crypto payments, with merchant services processing nearly US$1 billion (S$1.3 billion) in cryptocurrency in the second quarter of 2024, exceeding figures from previous quarters.
The survey by Triple-A also revealed that 37% of respondents pointed out global acceptance as the main benefit of using crypto, while faster transaction speeds (29%) and lower fees (20%) were also important factors, when it comes to international and time-sensitive transactions.
However, note that the survey also brought to light some of the negative aspects of crypto use. For instance, around 63 percent of surveyees cited the complexity of crypto-usage as a barrier, particularly with managing private keys or passwords. 60% surveyees feel security concerns and 54% felt lack of merchant acceptance were some of the biggest challenges.
