Confidence in crypto slides in S'pore, but 4 in 10 invest in it: Poll

Crypto ownership in 2023 rose to 43%, from 40% in 2022; most say they invest to diversify portfolio

- Claire Huang

Public confidence in cryptocurrencies continued to shrink in Singapore, particularly after 2022's unexpected series of blow-ups that landed many prominent firms based here in bankruptcy and wiped out billions of investors' money.

Despite this, more than four in 10 people polled in a survey, or 44 per cent, said that at least a tenth of their investment portfolios consisted of crypto, showing that interest in the volatile digital asset market has not waned, or that investors may be reluctant to sell at a loss.

The poll of 1,500 people also found that crypto ownership in 2023 rose to 43 per cent, from 40 per cent in 2022.

Singapore scored 55 out of 100 in confidence level, lower than the score of 61 in 2022 and 63 in 2021, the Independent Reserve Cryptocurrency Index found.

This showed that respondents' confidence in crypto was hit due to the difficult year the industry had in 2022.