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A new survey by BRN, which polled 1,000 retail investors in Singapore, has uncovered a complex and cautious outlook toward cryptocurrency.
Despite widespread awareness of the sector, many investors remain hesitant to convert interest into action, with significant barriers such as volatility, security concerns, and a lack of knowledge hindering deeper engagement. BRN said in a report published today.
Interest in Crypto, But Limited Action
The survey highlights a stark gap between interest and actual investment. While 26% of respondents are already involved in cryptocurrency, only 16% of non-investors plan to start in 2025. This raises questions about what’s holding back potential investors from taking the plunge, especially when 60% of the surveyed group express strong curiosity about the space.
“Our data shows that crypto has certainly captured attention, but there’s still a disconnect between awareness and action,” said Timothy Misir, BRN’s head of research. “A large part of this comes down to hesitation due to perceived risks or simply not knowing enough to make confident investment decisions.”
For many, crypto remains an enigma. A significant portion of potential investors are left to observe from the sidelines, uncertain about the volatile nature of the market and the complexity of different digital assets. The survey suggests that while many Singaporeans are intrigued by the concept of cryptocurrency, they are holding back, waiting for more clarity before committing funds.
Security and Volatility Are Major Concerns
Among the most significant concerns, 40% of respondents cited volatility as their top issue, while 39% expressed fear about the security risks tied to digital assets. These worries are compounded by the relatively young and still-maturing nature of the crypto market, which remains prone to sudden fluctuations in value and occasional security breaches.
“Crypto is still seen as a speculative asset by many retail investors in Singapore,” BRN researcher Christian Gazzetta explained. “Even with favorable market catalysts, such as Bitcoin’s rise above $100K and ETF approvals, the fear of losing money during a market correction is top of mind. There’s also a sense that crypto exchanges and platforms haven’t done enough to reassure investors about security risks.”
Interestingly, while concerns about regulation were not as prevalent, with only 8% mentioning overregulation as a key worry, a significant 26% of respondents felt there isn’t enough regulation in the market. BRN believes this provides an opportunity for clearer regulatory frameworks to bridge the confidence gap.
“There’s a real appetite for more regulatory clarity,” Gazzetta said. “If investors feel the market is better governed, it could ease a lot of the apprehension around security and volatility. It's clear that Singaporean investors are looking for reassurance before making bigger moves.”
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Bitcoin Dominates, Education Remains a Barrier
Bitcoin continues to dominate the retail investment landscape, with 46% of crypto investors holding BTC in their portfolios. In comparison, Ethereum is far less popular, with only 13% of respondents investing in the second-largest cryptocurrency. Smaller altcoins such as XRP, Solana, and Dogecoin lag even further behind, with adoption rates under 10%.
The survey also uncovered a significant knowledge gap. A striking 72% of respondents admitted to having little or no knowledge of cryptocurrencies. Only 5% of the total survey sample reported having “good” or “extensive” knowledge, underscoring a critical obstacle for greater adoption.
“It’s not enough to just capture people’s interest in crypto,” said Gazzetta. “We need to ensure they understand what they’re investing in, why it’s valuable, and how to manage the risks. Our data shows that education is the missing link for many investors, and without it, we’re likely to see more cautious, small-scale involvement.”
The survey also suggests that more knowledgeable investors are willing to diversify their holdings. Those with greater expertise in crypto are more likely to invest in altcoins, with Ethereum seeing some uptake among this group. This finding underscores the importance of educational initiatives, which could potentially unlock further interest in alternative assets beyond Bitcoin.
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Conservative Price Expectations for Bitcoin
When asked about their future expectations for Bitcoin, respondents showed a conservative outlook. Only 4% predicted Bitcoin would surpass $200K by the end of 2025, while 21% forecast it to land between $101K and $150K. More telling, however, is the fact that 51% of participants stated they do not actively follow Bitcoin’s price, indicating that retail engagement with crypto remains somewhat shallow.
“Retail investors in Singapore have a more reserved view of Bitcoin’s long-term potential compared to international markets,” Gazzetta observed. “Despite significant price movements in 2023, many are still waiting for more stability before fully committing their portfolios. This suggests that local retail investors are cautious, grounded in realistic expectations rather than speculative fervor.”
Cautious, Educated Approach to Crypto
BRN’s survey paints a picture of a market in transition - retail investors in Singapore are intrigued by the potential of cryptocurrency but remain cautious in their approach. The lack of knowledge, combined with concerns about security and market volatility, creates an environment where investors are willing to dip their toes but not dive in.
For the market to truly mature, there will need to be a concerted effort to address these knowledge gaps, reassure investors about security, and provide clearer regulatory guidance. Only then will retail engagement shift from passive interest to active participation.
Download the full report here:
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