• The Independent Reserve Cryptocurrency Index reported that despite taking a hit in trust, crypto trading is still active in Singapore.
• 44% of Singapore residents hold digital currency as part of their investment portfolios and 46% invest in crypto monthly.
• Awareness of crypto has grown more than one percent this year, suggesting interest in altcoins is increasing.
Singapore Remains Crypto Haven Despite Trust Dips
The Independent Reserve Cryptocurrency Index claimed in a recent report that the digital currency world, despite taking several hits in the trust department, is still enjoying active trading among people in Singapore, who appear to be as steady in their investing as ever.
Crypto Popularity Still Strong
Crypto interest in Singapore once stood beyond the 60 point mark, thus meaning digital currency was very popular within the nation and there were several individuals that trusted it and loved it as though it were on the same level as standard, fiat currency. Now, it appears that the mark has fallen to the 55 level. Thus, trust has dropped a little, but not enough to end the trading hype that’s clearly still occurring in the nation.
It’s estimated that about 44 percent of residents in Singapore – just shy of half the population – hold digital currency as part of their investment portfolios, while as many as 46 percent invest in crypto monthly.
Lasanka Perera – chief executive officer of Independent Reserve Singapore – explained in a recent statement: 2022 was a challenging time for the cryptocurrency industry due to several macroeconomic factors. The collapse of Terra-Luna and the FTX fallout has understandably led to a loss of confidence and trust in the industry. As recent global financial events continue to unfold, many may also re-evaluate their dependence on traditional financial institutions to safeguard their money and turn to alternative assets such as bitcoin to hedge against bank defaults and currency debasement.
It is encouraging to see that optimism towards the long-term benefits of cryptocurrency remains strong in Singapore, and that investors who adopt a long-term view are reaping rewards… Singapore has one of