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<img src="https://www.blockhead.co/content/images/2023/03/merlion.jpg" alt="Despite a Dip in Confidence, Singaporeans Continue to Invest in Cryptocurrency">Despite a decline in confidence in cryptocurrency, Singaporeans are still actively investing in digital assets, according to the 2023 Independent Reserve Cryptocurrency Index, published today.The annual survey of around 1,500 Singapore residents was conducted in partnership with Toluna, an independent consumer insights provider. The city-state scored 55 out of 100, down from last year&apos;s score of 61, with the dip in confidence attributed to the difficult year the industry had in 2022. However, 44% of Singaporeans hold at least 10% of their portfolio in crypto, and 46% invest up to $1,000 per month in digital assets, the cryptocurrency exchange said.The study also examined attitudes toward cryptocurrency across three new segments: Female Investors, High-income Earners, and Young Adults. Notably, 37% of female investors are invested in cryptocurrency, up 7 percentage points since 2022, and 33% of 18 to 25-year-olds want to invest in crypto but do not have the financial means to do so, while 65% of Singaporeans earning S$5,000 or more per month have invested in cryptocurrency. The Gen Z cohort is most optimistic about Bitcoin&#x2019;s long-term price, but 33% say they do not have the financial means to invest.The survey also found that awareness of cryptocurrencies increased to 91% from 90% last year, with Ethereum being the most popular altcoin with 51% awareness.<h2 id="hedge-against-economic-uncertainty">Hedge Against Economic Uncertainty</h2>The primary reason for investing in crypto has shifted towards diversifying portfolios at 54%, up 10 percentage points from last year, the study showed. &quot;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,&quot; Lasanka Perera, chief executive officer of Independent Reserve Singapore, who was <a href="https://www.blockhead.co/2023/02/02/independent-reserve-appoints-singapore-ceo-lasanka-perera/">appointed last month</a>, said.Despite a hit to short-term confidence in digital assets due to several high-profile fallouts in the industry over the last 12 months, 72% of crypto investors are likely to recommend investing in cryptocurrency to family and friends.And while 45% cited price volatility as a barrier to cryptocurrency investing, 30% want more consumer protection and regulation, and 59% of respondents said clarity in regulation would help increase their trust in cryptocurrency.Related: <a href="https://www.blockhead.co/2023/02/02/independent-reserve-appoints-singapore-ceo-lasanka-perera/">Independent Reserve Appoints Singapore CEO</a><hr>The world of Web3 can be quite a whirlwind. Whether it&#x2019;s crypto news in Singapore, South East Asia or even across the globe, we understand how busy the industry is keeping you, so we kindly send out three newsletters each week:<ul><li><a href="https://blockhead.co/tag/blockbeat?ref=blockhead" rel="noopener noreferrer">BlockBeat</a> for a wrap-up of the week&#x2019;s digital assets news</li><li><a href="https://blockhead.co/tag/blockhead-brief?ref=blockhead" rel="noopener noreferrer">Blockhead Brief</a> for weekend happenings as well as what to look forward to in the week ahead</li><li><a href="https://www.blockhead.co/tag/business-bulletin/" rel="noopener noreferrer">Business Bulletin</a> for macroeconomic updates and industry developments.</li></ul>To avoid FOMO and access member-only features, click <a href="https://www.blockhead.co/#/portal/" rel="noopener noreferrer">here</a> to subscribe for FREE.

Despite a Dip in Confidence, Singaporeans Continue to Invest in Cryptocurrency

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