From Bitcoin's early misconceptions to institutional adoption and rising investor trust, Lasanka Perera of Independent Reserve Singapore shares how Singapore is leading crypto into the mainstream and what it means for the future of digital finance.
Cryptocurrency has come a long way in the past decade. How has public perception of it changed over the years?
A decade ago, cryptocurrency was largely misunderstood and associated with fringe communities and speculative trading. Today, cryptocurrencies are becoming widely recognised by investors as legitimate assets, gradually shifting from speculative instruments to long-term investment options.
We’ve seen the narrative shift from “What is Bitcoin?” to “How do I invest in it?” Governments, institutional investors, and traditional banks are now engaging with digital assets, significantly increasing market credibility. The perception has evolved from scepticism to strategic curiosity and, in many cases, active participation and investment.
Bitcoin is often compared to gold. What does that mean, and why do some people see it as a safe investment?
We're in a digital age, and Bitcoin is 'digital gold'. Bitcoin is computationally scarce, but offers additional advantages like easier storage, 24/7 transferability, and accessibility. That's a massive advantage in today's global economy. We found that 1 in 5 respondents consider Bitcoin to be digital gold, and Bitcoin remains the most owned asset among new and seasoned investors, at 68%, according to our recent Independent Reserve Cryptocurrency Index (IRCI) 2025 survey which polled 1,500 everyday Singaporeans.
In times of economic uncertainty or inflation, Bitcoin offers an alternative hedge, particularly for those seeking diversification outside of traditional asset classes. Long-term investing requires a long-term view. Bitcoin can be volatile in the short term, but is systemically stable, with a monetary policy fixed in code and has been producing block after block for 15 years. Over the long term, Bitcoin has far outperformed traditional asset classes, despite its short-term volatility.
However, global macroeconomic factors, such as a hawkish Federal Reserve stance or global instability and conflict, do play crucial roles in the performance of digital assets such as Bitcoin.
Big financial companies like BlackRock and Fidelity are now offering Bitcoin ETFs. Why is this important, and how does it impact the future of crypto?
The first approval of Bitcoin ETFs back in January 2024 was a long-awaited move since the first mining of the Bitcoin genesis block some 16 years ago. This not only contributed to a more positive perception of Bitcoin, but also meant that institutional investors, previously hesitant due to regulatory uncertainties, now have a secure and regulated way to enter the cryptocurrency market.
The entry of institutions like BlackRock and Fidelity marks a major milestone in the legitimisation of crypto as an asset class. Bitcoin ETFs make it easier and safer for traditional investors to gain exposure without having to manage the complexities of direct ownership such as wallets or private keys. This simplifies access and brings credibility, which in turn attracts more capital and accelerates mainstream adoption.
Memecoins, like Dogecoin and Shiba Inu, have gained a lot of attention. Should people tread cautiously because it might seem like a trend or do they have real value?
Memecoins often gain popularity through viral momentum rather than utility. According to our IRCI 2025 survey, there is healthy awareness of memecoins today. Dogecoin enjoys the highest awareness at 41%, followed by Shiba Inu at 23%, and almost a third of millennials between 25-44 years of age own memecoins (29%).
While some investors have made significant gains, memecoins are highly speculative and volatile. Investors should clearly differentiate speculative tokens, like memecoins, from blockchain projects that demonstrate genuine innovation and practical applications. People should always do their research and approach such assets with caution – and only invest what they can afford to lose.
Singapore has positioned itself as a key player in the crypto world. What makes it a good place for crypto businesses and investors?
Singapore stands out because of its clear regulatory framework, supportive ecosystem, and forward-thinking regulators. The Monetary Authority of Singapore (MAS) has taken a balanced approach – encouraging innovation while enforcing strong compliance and risk management standards. This clarity has made Singapore a hub for credible, regulated players who are building the future of finance.
Beyond regulation, Singapore offers a deep pool of institutional capital, robust infrastructure, and access to a tech-savvy, globally connected talent base. Its position as a gateway to Asia also makes it a strategic launchpad for firms looking to scale across the region.
The government’s commitment to fintech, digital assets, and Web3, including ongoing policy dialogue and pilot programmes like MAS’ Project Guardian, signals that Singapore isn’t just reacting to trends, but actively shaping the future of digital finance.
(Related: Rethinking Investments - Second Chance at Greatness)
Some global leaders, like Donald Trump, have expressed strong support for Bitcoin. How do politics and regulations shape the future of cryptocurrency?
Political sentiment can have a real impact on market dynamics and public perception. But ultimately, it’s regulatory clarity that shapes the long-term growth of crypto. President Trump has taken encouraging steps to legitimise crypto by launching a U.S. Strategic Bitcoin Reserve, hosting a Crypto Summit at the White House and appointing pro-crypto advisors and regulators. He also invested in Bitcoin mining and promoted personal cryptocurrency ventures, signaling an overall commitment to fostering cryptocurrency innovation and leadership in the U.S.
However, his influence appears to be more pronounced among crypto investors, as data from our IRCI 2025 survey in Singapore shows that 72% of crypto investors view his impact positively vs 24% of non-crypto investors. Meanwhile, 47% of our respondents remained neutral and are taking a ‘wait-and-see’ approach to the changes in his administration.
Supportive policies can foster innovation and adoption, while overly restrictive ones can drive innovation offshore. What’s encouraging is that we're seeing more global leaders recognising crypto’s potential, which signals a maturing understanding of its role in the future economy.
What are the biggest challenges preventing more people from using cryptocurrency, and what needs to change?
Education, trust, and volatility remain key barriers. Many people still find crypto intimidating or risky. When asked about the top barriers to investing in crypto, 53% of respondents felt it was too volatile, 32% called for greater consumer protection, while another 21% think crypto investments could be a scam, according to our IRCI 2025 survey.
For many, the world of digital assets remains daunting due to its technical complexity. 35% of IRCI 2025 respondents cited education as a key factor to spur their crypto investments. We need better onramps, an improved user experience, transparent fees, and more education about how to store and use digital assets securely.
Regulatory clarity will further build trust, and as the infrastructure matures, adoption will become more seamless. This year, 58% of IRCI respondents cited clarity around government regulation as a key factor to increase trust in crypto. In addition, consumer protection and robust security measures, such as fraud prevention protocols and clearer recourse in case of breaches, are essential to foster a more trustworthy environment – evidenced by the 41% of IRCI 2025 respondents looking for greater consumer protection.
How does Independent Reserve Singapore help people and businesses navigate the world of cryptocurrency?
At Independent Reserve Singapore, we’re proud to be the first crypto exchange in Singapore to be licensed by MAS out of 170 players. We were also one of the first crypto companies to receive a banking account from DBS, paving the way for other crypto players looking to do business in Singapore. As such, we pride ourselves as industry first-movers and stewards in doing things the right way.
We operate under a regulated framework with a strong focus on security, transparency, and compliance, and as a trusted partner to our customers in Singapore. Our platform combines user- friendly tools with robust customer support, catering seamless, turnkey solutions to both individuals and institutions, helping them buy, sell, and store digital assets safely.
As one of the oldest exchanges with more than a decade in the business, we intend to keep working closely with the regulators in Singapore to ensure consumers’ safety through education and a robust set of rules.
Where do you see cryptocurrency in the next few years, and how might it impact everyday life?
Over the next few years, crypto will become increasingly embedded in our financial systems – not just as an investment vehicle, but as a tool for payments, cross-border remittances, and decentralised finance (DeFi). We’ll likely see more integration with traditional financial services, greater adoption of stablecoins, and possibly central bank digital currencies (CBDCs). For everyday users, crypto will become less about speculation and more about utility and access.
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