A recent survey conducted by Independent Reserve reveals that Singaporean crypto investors remain active in the market despite recent challenges. The survey showed a dip in the cryptocurrency trust score from 61 last year to 55 this year, indicating a decrease in confidence in the asset class.
However, the study also found that 46% of Singaporean crypto investors are spending up to $1,000 monthly on cryptocurrencies. Additionally, 44% of respondents have at least 10% of their portfolio invested in cryptocurrencies. Furthermore, 91% of respondents are aware of at least one cryptocurrency.
Singapore has positioned itself as a crypto hub, but the Monetary Authority of Singapore has suggested measures to limit retail cryptocurrency access. Despite this, those between the ages of 26 and 35 are the most familiar with crypto, according to the survey.
The FTX implosion in November prolonged the crypto winter, and many who lost money due to the collapse were in Asia. Moreover, the liquidity problem spread to the traditional banking sector following the collapses of Silvergate, Silicon Valley Bank, and Signature Bank.
Singapore tops the list of major cities that fired employees from the crypto business between February 2022 and February 2023, according to a report by Bitcoin Casinos. Singapore-based Crypto.com reportedly fired 2,750 employees in the last year. However, 40% of Singaporean investors are expected to invest in cryptocurrencies over the next 12 months, and 48% intend to grow their existing cryptocurrency holdings.
Despite the challenges facing the crypto market, Singaporean investors remain active in the space. The survey results suggest that there is still potential for growth in the market, particularly among young investors. Singapore’s reputation as a crypto hub is likely to continue, but the country’s regulatory stance may influence future growth.