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Singapore sees slight fall on cryptocurrency ownership level but higher portfolio diversification: IRCI

Khairani Afifi Noordin and Chloe Lim
Khairani Afifi Noordin and Chloe Lim 4/29/2022 09:39 AM GMT+08  • 2 min read
Singapore sees slight fall on cryptocurrency ownership level but higher portfolio diversification: IRCI
Singapore scored 61 on the IRCI this year out of 100, down two points from the 63 recorded last year. Photo: Bloomberg
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Despite a slight decline in interest due to the recent bear run, Singapore’s sentiment and outlook towards cryptocurrency remains positive with 40% of Singaporeans owning digital assets, the 2022 Independent Reserve Cryptocurrency Index (IRCI) found.

Singapore scored 61 on the IRCI this year out of 100, down two points from the 63 recorded last year. Cryptocurrency ownership was also down, as the figure recorded last year among Singaporeans was 43%.

In terms of crypto holdings, the IRCI found that 76% of Singaporeans hold two or more different types of cryptocurrencies. Bitcoin continues to be the most popular cryptocurrency for Singaporean crypto owners at 78%, while Ethereum — the second largest digital asset by market capitalisation, is held by 50% of the crypto owners.

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