Singapore's sandwich class builds diversified portfolios for long-term wealth, with Bitcoin anchoring their crypto allocation: IRCI Singapore 2026

PRNewswire
Singapore, April 15: Singaporeans in the sandwich class are turning to investing to build financial resilience, with crypto playing a growing role in a broader portfolio strategy, according to findings from the 6th edition of the annual cryptocurrency study[1] by Independent Reserve (IR).
Skewed towards Older Millennials and Gen X aged 35 to 54 years, these middle-income households are typically caught between rising cost-of-living pressures and balancing the competing demands of supporting ageing parents and raising children. For this group, financial success is less about eliminating liabilities and more about building resilience to support dependents and long-term goals.
Half (50%) view investing as their primary route to financial success, higher than 37% of the broader population.
- 21% prioritise multiple income streams versus 12% of respondents.
- One in five (21%) defines financial success as maintaining their standard of living in any economic climate.
- Just 19% of sandwich class respondents identified traditional career progression as their preferred route to financial success.
- Only 12% in the sandwich class say that being 'debt-free' represents financial success, compared to 24% of overall respondents.
- The sandwich class are taking a more active role in managing their portfolios and utilising multiple asset classes: stocks, bonds, ETFs, REITs, derivatives and cryptocurrency.
- Their investment decisions are guided by a focus on predictable income (73%), diversification (62%), and alignment with risk appetite (54%).
Mr Lasanka Perera, CEO, Independent Reserve Singapore, said, "The sandwich class story is one that resonates across Singapore. These are people doing everything right. They work hard, support their families and plan ahead, but they know that the usual path is no longer enough. Instead, they are actively looking to put their money to work through investing to grow their wealth over time."
"What stands out is how purposeful their approach is. They have clear financial goals and are pragmatic about how they get there, building portfolios that span traditional and alternative assets, including crypto," he added.
Where crypto fits in the portfolio
Facing greater financial pressure, the sandwich class is not approaching crypto as a speculative side bet. Instead, crypto is treated as part of a broader investment strategy. They are more committed to the asset class, allocating more deliberately, investing with greater discipline, and taking a more active role in managing their portfolios. With most already experienced in the asset class, participation is not only higher but also more intentional.

At the same time, practical factors matter to the sandwich class. Ease of use (45%) and education (42%) highlight the need for better user experience and understanding, while real-world adoption by businesses (42%) reinforces the importance of utility. In all, sandwich class are a more mature user profile, where crypto is not just an investment but part of a broader financial system.
Mr Perera concluded: "What we're seeing from the sandwich class challenges the perception that crypto is a speculative asset. They are allocating, managing and staying invested over time, and importantly, seeing results.
"Singapore already offers one of the most structured regulatory environments for digital assets in the region. The combination of strong regulation and informed, disciplined investors points to a growing recognition of crypto as a legitimate component of a diversified investment strategy."
Download the full IRCI 2026 report.
Media Contacts
media@independentreserve.com
Notes to Editors
The Independent Reserve Cryptocurrency Index (IRCI) Singapore is an annual survey of around 1,500 Singapore residents conducted in partnership with Milieu Insight Market Research. IRCI Singapore is the only industry-led research that deep dives into Singapore's blockchain and cryptocurrency sector.
The survey is a cross-sectional and unbiased sample of everyday Singapore residents and is designed to represent the nation as a whole. This year marks the 6th year of IRCI in Singapore, and the survey was conducted between late January and February 2026, reflecting Singapore residents' attitudes toward cryptocurrency.
Glossary of Terms
- Singaporeans: defined as those who have heard of crypto.
- Crypto investors: defined as those who used to own and own crypto.
- Crypto owners: defined as those who own crypto at the time of the survey.
- Non-investors: Singaporeans who have not invested in cryptocurrencies.
- Sandwich class: defined as Singaporeans who have older and younger dependents.
About Independent Reserve
Founded in 2013, Independent Reserve is Singapore's trusted cryptocurrency exchange. Independent Reserve is the first exchange licensed by the Monetary Authority of Singapore to provide an efficient platform for trading and investing in digital assets. With a focus on trust and safety, the exchange serves discerning traders and investors by offering competitive fees, advanced trading tools, and comprehensive educational resources. Adhering to the highest standards of governance, compliance, and security, Independent Reserve empowers institutions and individuals in Singapore to confidently navigate the world of cryptocurrencies.
Beyond our core business, Independent Reserve is dedicated to positively impacting the communities we serve by promoting equal opportunities and fostering a society where everyone can thrive. We focus particularly on helping individuals with special needs lead independent lives and supporting athletes in pursuing their dreams and aspirations.
APPENDIX
The annual IRCI Singapore report measures four key aspects of Singapore's attitudes towards cryptocurrency, as well as their level of awareness, adoption, trust and confidence. Based on a panel of over 1,500 adult respondents from all walks of life, here are the key highlights from each aspect.

General awareness of cryptocurrency in Singapore remains high, with 86% of respondents familiar with at least one cryptocurrency, though this represents an 8pp decline from 2025.
Bitcoin remains the most recognised cryptocurrency, with 82% awareness overall and 86% among those aged 35-44 (Older Millennials). Ethereum also sees strong traction in this segment, with 52% awareness, 6pp higher than the general population.
Approximately 89% of the 18-24+ age group have heard of cryptocurrency, and 36% have held crypto at some point.
Even among non-investors, crypto's ubiquity is clear: Bitcoin leads by a wide margin, with 98% awareness, followed by Ethereum at 42%, Dogecoin at 30%, and stablecoins at 19%.
While engaged segments like the sandwich class continue to show strong awareness, the overall dip may reflect a maturing industry, as institutional participation grows and narratives become more measured and less retail-driven. Stricter controls on crypto advertising, introduced to better protect less financially literate investors, may also be contributing to a decline in overall awareness.

Young Millennials lead with 31% current ownership, with 15% exited the market in the last 12 months. Gen Z, with 18% current ownership have the highest attrition at 50%, with half of the cohort who owned crypto having since exited.
Gen X stands out for retention, with attrition at just 15%. Only 3% are former owners. This points to a more deliberate approach to crypto, with data indicating they are more likely to use it as part of a broader portfolio diversification strategy, treating it as an alternative asset alongside more established traditional investments.
The dominant motivations for crypto adoption are grounded in portfolio strategy, namely portfolio diversification (38%), followed by the belief that crypto offers unique growth opportunities beyond traditional finance (33%). These two pragmatic, investment-oriented motivations align with conservative allocation patterns as most treat crypto as a small satellite position within a broader portfolio, rather than a core holding.
Motivations for investing in crypto shift meaningfully across age groups.
- Gen Z investors (18-24) are most drawn to passive income (38%) and the aspiration to get rich (33%).
- Nearly half of Gen X (45-54) investors prioritise diversification (49%).
- Younger Millennials are the most broadly motivated, scoring high on diversification (40%), growth opportunities (36%), and passive income (36%) simultaneously.
Singaporean crypto investors keep their exposure modest. 76% of respondents hold crypto at 10% or less of their total investments. Only a slim minority (9%) go above 20% allocation. This approach aligns closely with the 70/20/10 portfolio strategy that has gained traction in recent years. The framework suggests allocating 70% to stable, long-term assets, 20% to growth-oriented investments, and 10% to higher-risk opportunities, where crypto typically sits alongside venture-style bets and speculative stocks.
47% of crypto investors report making a profit from their crypto holdings. Over the past 12 months, 65% of those who sold their crypto holdings did so at a profit, 13% at a loss, and 22% broke even.
In addition, 55% of investors who dollar-cost-average (DCA) into their crypto investments report gains, compared with 43% of those who buy irregularly. More strikingly, the DCA loss rate is nearly halved, 15% versus 28%.
The implication is clear: Investors who stay invested over time and invest regularly are better able to ride out market ups and downs. Rather than trying to time the market, a steady and disciplined approach helps reduce risk and deliver stronger returns over the long term.

Recommendation rate is often used as a proxy for confidence, as it reflects a willingness to endorse crypto to others and captures active conviction. In 2026, 24% of Singaporeans say they are likely to recommend crypto, up from 20% in 2025.
Many Singaporeans believe crypto has a role to play in the financial system, either by complementing or integrating with existing structures. About one in three Singaporeans believes crypto is likely or very likely to become widely accepted by businesses and everyday people in the future, unchanged from 2025.
This belief is much stronger among those with direct experience. More than half of crypto investors (56%) expect widespread adoption, nearly double the overall rate, showing that confidence tends to build through participation.
Confidence also deepens over time. Among crypto investors, belief rises with experience, peaking at 63% among those with 3 to 5 years in the market. A similar pattern is seen across age groups. Younger Singaporeans show stronger early conviction, with Gen Z (39%) almost twice as likely as Boomers (21%) to believe crypto will become widely accepted, showing generational momentum behind adoption.
Meanwhile, confidence remains solid among crypto investors. 41% of crypto investors plan to increase or diversify their involvement in crypto, 28% plan to sell some or all of their holdings, while only 5% intend to sell out entirely. 31% intend to hold their crypto investments.
Overall, expectations for Bitcoin's value have risen steadily each year. Higher price expectations have strengthened considerably. The S$100,000-S$250,000 range more than quadrupled, rising from 8% in 2023 to 38% in 2026, making it the most popular prediction. Those expecting prices above S$250,000 also grew more than eightfold, from 3% to 26% over the same period.
This upward shift is likely driven by Bitcoin's price performance, particularly the 2025 rally past S$160,000. ETF approvals have also improved access and liquidity. Growing institutional adoption has further reinforced positive sentiment.
Overall, the data points to a market where confidence in crypto is no longer driven solely by curiosity, but more by experience, conviction and a clearer sense of its place in the broader financial system. The picture that emerges is one of growing confidence in crypto's long-term relevance, supported by deeper participation and a more mature understanding of the market.

Singaporeans continue to look to regulation to build trust in crypto, but expectations are shifting. As regulatory clarity becomes more established, trust is now increasingly influenced by how crypto companies behave and protect users.
At the same time, trust is now less about understanding how crypto works and more about external factors such as regulation, security and how companies operate. Social proof, such as uptake by friends or the community, has fallen to 14%, indicating this plays a limited role in shaping trust despite relatively strong recommendation levels.
Singapore's crypto trust gap is also shaped by experience. Non-investors look for regulation (56%), price stability (46%), and education (44%).

Crypto investors are more influenced by real-world signals. 36% cite business adoption, versus 23% among non-investors, and 18% cite social uptake, versus 11%. This suggests that lived experience shapes trust. Investors also show stronger demand for control and protection. 1 in 3 value privacy and insurance, compared to 19% and 22% among non-investors.
[1] The 2026 Independent Reserve Cryptocurrency Index (IRCI) Singapore polled 1,500 everyday Singapore residents between late January and early February 2026 on their attitudes toward cryptocurrency in 2025.
[2] The practice of investing a fixed amount regularly over time, rather than trying to time the market i.e. buying more when prices are lower and less when prices are higher.
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