Trust in Crypto Slides in Singapore, But 4 in 10 Respondents in Survey Still Invest in It

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SINGAPORE — Public confidence in cryptocurrencies has continued to wane in Singapore, especially after last year’s unexpected series of explosions that bankrupted many top companies based here and wiped out billions of dollars. investors’ money.

Despite this, four in 10 respondents in a survey, or 44%, said that at least a tenth of their investment portfolios were made up of crypto, showing that interest in the volatile market digital assets has not declined or that investors may be reluctant. sell at Lost.

The survey of 1,500 people also revealed that crypto ownership in 2023 increased to 43% from 40% in 2022.

Singapore scored a trust level of 55 out of 100, lower than the score of 61 in 2022 and 63 in 2021, according to the Independent Cryptocurrency Research Index.

This showed that respondents’ confidence in crypto took a hit due to the tough year the industry had in 2022.

Still, 47% of respondents have been investing in crypto for one to two years, and 46% invest up to $1,000 a month in crypto.

More than half said they used crypto to diversify their portfolio.

The index released on Wednesday was conducted in February on Singapore residents from the age of 18 to find out their awareness, adoption, trust and level of confidence in crypto.

The poll found that more women are investing in crypto at 37%, up 6 percentage points from 2022.

More people in the high income group are also getting into crypto.

The index indicates that 65% of Singaporeans earning $5,000 or more per month have invested in crypto, up 6 percentage points from 2022.

Those earning $7,000 to $9,000 a month have allocated most of their portfolio to crypto.

The index revealed that 72% of crypto owners hold more than 5% of their portfolio in crypto.

Among the Gen Z group or 18-25 year olds, a third want to invest in crypto but say they cannot afford it.

Bitcoin, the darling of the crypto world, remains the best-known digital asset, with young people between the ages of 26 and 35 the most familiar with crypto, and 9 in 10 respondents know at least one crypto token.

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