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Singapore posts slight drop in cryptocurrency ownership

The Lion City’s score went down by two points on the 2022 Independent Reserve Cryptocurrency Index.

Singapore recorded a slight decline in its score on the 2022 Independent Reserve Cryptocurrency Index (IRCI) from 63 in 2021 to 61 this year because of the recent bear run following a strong year-long bull market, cryptocurrency solutions firm, Independent Reserve, said.

Despite the slight decline, the Independent Reserve said it still reflects the country's positive outlook on cryptocurrency.

The index showed that 40% of Singaporeans own cryptocurrency, with 76% investing in two or more different types.

Overall awareness is still high this year with 90% of Singaporeans have heard of at least one cryptocurrency and 87% have heard of Bitcoin.

For types of cryptocurrency, Bitcoin is still the most famous with 78% of investors holding it, followed by Ethereum, with 50% of investors, and Dogecoin, backed by Elon Musk, with 25% of investors. 

Only 20% of respondents said they plan to buy cryptocurrency but did not push through due to economic uncertainty or they are bearing the brunt of COVID-19 economic woes.

Seven in 10 or 70% of our respondents said Bitcoin's value will increase and be worth more than S$50,000 in 2030.

The IRCI used interviews of 1,500 Singaporeans on their attitudes toward crypto.

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