Singapore's Mountbatten SMC Sees Bitcoin-Focused Challenge to Ruling Party

Singapore's Mountbatten electoral district is bracing for a highly unusual electoral contest as Jeremy Tan, a vocal proponent of Bitcoin and a serial entrepreneur, enters the political fray. The single-member constituency, currently held by the People's Action Party's (PAP) Lim Biow Chuan, who secured a decisive victory in the 2020 General Election, now faces a challenger with a platform centered around the digital currency and sweeping social reforms.

Tan, a graduate of Nanyang Technological University (NTU) with a background in business and information technology, and the founder of the skincare company Paula's Choice (acquired by Unilever), is also an investor in various tech ventures, demonstrating a strong entrepreneurial background. He is now translating his business acumen into a political campaign that places Bitcoin at its core.

Tan's policy proposals are designed to address key issues faced by Singaporeans, while simultaneously positioning the nation as a leader in the adoption of digital assets. He advocates for HDB (Housing Development Board), Singapore's public housing authority, to have the first right of purchase for resale flats, aiming to potentially stabilize housing prices in a notoriously expensive market. He also proposes extending the Minimum Occupation Period (MOP) for HDB flats to 15 years, with an exception for families with three or more children.

In a move that could significantly alter Singapore's financial landscape, Tan proposes the inclusion of Bitcoin in the Straits Times Index (STI), the country's benchmark stock index, and the establishment of a strategic national Bitcoin reserve. "It is superior to Gold, countries are already allowing pension funds to be exposed to Bitcoin and we risk getting left behind," he states on his website .

Perhaps his most eye-catching proposal is to allow Singaporeans to invest their Central Provident Fund (CPF) – a mandatory savings scheme for retirement and other needs – Ordinary Account (OA) and Special Account (SA) funds into Bitcoin, with a government guarantee at the CPF floor rates. This effectively offers a risk-free avenue for exposure to the volatile cryptocurrency. He also advocates for a population reduction, aiming to cap Singapore’s population at 5 million by 2040, and proposes disbursing the Baby Bonus, a government incentive for childbirth, in Bitcoin.

Tan's conviction in Bitcoin is deeply personal and unwavering. "I first discovered and bought 6 Bitcoin at $300. Not buying more is my greatest regret in life. I won't let that happen for Singaporeans. Bitcoin is superior perfect money that will free Singaporeans. Bitcoin is inflation proof. Paper money is slavery. Just ask your grandmother about WW2," he states.

He argues that Bitcoin offers a solution to the challenges of retirement planning and inflation, which he believes current policies fail to address. "All parties - opposition and PAP, claim to care about retirement and inflation but nobody has a solution to removing the retirement asset from HDB. This is a generational ponzi that either leads to skyhigh prices, or overdependence on government-managed retirement," he says. "I cover all issues affecting Singaporeans. I also talk about Bitcoin because the HDB and CPF system is designed to trap Singaporeans. True asset ownership benefits all Singaporeans with a better life and retirement."

While Tan's proposals offer a stark contrast to the status quo, he faces a significant challenge in Mountbatten, which has 22,754 registered voters as of 1 Feb 2025, according to the Report of the Electoral Boundaries Review Committee. The PAP has a strong electoral history in the constituency, and Tan will need to mount a compelling campaign to sway voters.