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- High-net-worth Asian families are betting big on Bitcoin post-Trump victory.
- Many believe the prospect of Bitcoin and crypto is bright with positive government pivots.
The crypto market has experienced an outstanding boom following Donald Trump’s win in the November US Presidential elections. Inspired by this boom, rich Asian investors in Singapore have begun allocating vast amounts of capital to crypto investment.
Wealth Managers in Singapore Shift Attention to Crypto
In a recent interview, Gerald Goh, CEO of Singapore-based virtual asset banking group Sygnum, highlighted the increasing crypto investments of rich Asian investors. These investors, from bankers to fund managers and private wealth advisers, are now allocating larger portions of their portfolios to cryptocurrencies.
Goh attributes this move to Donald Trump’s re-entry to the White House. He said his company’s new clients’ boarding rate “probably doubled or tripled” in the week following Trump’s victory. According to Goh, Singapore investors are generally more optimistic about including digital assets in their portfolios.
In a January report, Singaporean financial regulators revealed a huge spike in the number of single-family offices domiciled on the island. Notably, the number of single-family offices rose to over 2,000, up from 1,400 recorded in 2023.
Independent Reserve, a Singapore-based crypto exchange, said the number of family offices in its client base grew 20% in 2024 over 2023.
One key factor contributing to this surge is the relative political stability in Singapore. This has attracted investors from Bangladesh, Malaysia, Thailand, and China seeking to protect their wealth. Amid these circumstances, Goh said, Trump’s reemergence has had the effect of petrol on a lit match to crypto portfolio investment.
Also, CEO Lasanka Perera commented that a crypto-friendly administration and post-election rallies have raised expectations for favorable crypto U.S. regulations. Perera thinks this could reduce risks and encourage more participation from wealthy investors.
It is important to note that the shift toward crypto investment is not without its challenges. The Monetary Authority of Singapore (MAS), responsible for regulating the country’s financial system, views direct crypto marketing to retail investors negatively. As a result, crypto exchanges frequently have to walk a narrow line to avoid regulatory penalties.
Singapore’s Growing Crypto Strides
Nevertheless, Singapore is a global leader in digital assets and blockchain technology. As previously mentioned in a CNF report, Singapore leads globally in blockchain with 1,600 patents and 81 crypto exchanges. Furthermore, Singapore supports the industry and residents with over 2,400 blockchain-related jobs.
Singapore Gulf Bank (SGB) officially launched its corporate banking services in November. As reviewed in our recent publication, this launch marks Bahrain’s first regulated bank to provide comprehensive crypto-compatible banking services.
In addition to these efforts, Paxos, a blockchain infrastructure firm, recently introduced a new stablecoin, Global Dollar (USDG), in Singapore. The launch demonstrates Paxos’ commitment to ensuring compliance and security in its financial product. It also adheres to the legislative structure set by the Monetary Authority of Singapore.
