"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,” says Independent Reserve Singapore CEO Lasanka Perera.
Singaporeans are still actively investing in cryptocurrency despite a hit in overall confidence on the difficult year the industry had in 2022, the 2023 Independent Reserve Cryptocurrency Index (IRCI) found.
Singapore scored 55 on the IRCI this year out of 100, down from the 61 recorded last year. Nevertheless, 44% of Singaporeans hold at least 10% of cryptocurrency in their portfolio, where 46% invest up to $1,000 per month on cryptocurrency, according to Independent Reserve’s poll.
