Singapore's crypto ownership drops amid selloff: survey

Around 43% of those polled in Singapore had sold off crypto investments within the past year, according to a survey released recently by U.S.-based crypto platform Gemini.

30% of digital asset owners in Singapore sold their crypto holdings because they lost money, higher than the average of 29% of the countries surveyed.

"It's important to note that crypto ownership trends have been influenced by global factors, including price volatility, market corrections and the collapse of notable players in the industry, which have caused some investors to be more cautious," Saad Ahmed, head of Asia at Gemini, told Nikkei Asia.

In contrast, Western countries exhibited more stability in crypto ownership. Around 21% of people in the U.S. said they own crypto, up 1 percentage point from 2022.

The ratio went up from 16% to 18% in France and remained unchanged at 18% in the U.K.

The survey also found that the vast majority of past crypto owners (75%) exited the market more than six months ago.

Investors who have exited the market are likely to return. More than 70% of past owners said they are likely to buy crypto next year.

The survey polled 6,000 adults online from May to June across five countries: the U.S, the U.K., France, Singapore and Turkey.

In a survey by British investment migration consultancy Henley and Partners, Singapore has secured the top spot globally in crypto adoption this year, thanks to high scores in technology and regulatory environment.

Bitcoin, the leading crypto, surged to a new peak of over $73,000 in March and is now hovering around $57,000.