Digital Assets

2023 Independent Reserve Cryptocurrency Index shows Singaporeans are still actively investing in crypto despite hit in overall confidence

Singapore scored 55 out of 100, indicating a hit to respondents’ confidence in cryptocurrency.

Now in its third year, the Independent Reserve Cryptocurrency Index (IRCI) Singapore is a nationwide, cross-sectional research survey of 1,500 Singaporean residents (mirroring Singapore’s demographics with a proportionate split between genders, age, income and ethnic backgrounds) that examines a nation’s awareness, adoption, trust and confidence in cryptocurrency.

With a score out of 100, the 2023 IRCI for Singapore sits at 55, down from 61 in 2022. A score of 100 indicates maximum awareness, optimism, trust and adoption of cryptocurrency. A score of 0 indicates a complete ignorance of cryptocurrency and blockchain technology, and that no one has heard of Bitcoin.

The dip in confidence can be attributed to the difficult year the industry had in 2022. Nevertheless, 44% of Singaporeans hold at least 10% of cryptocurrency in their portfolio, where 46% invest up to $1,000
per month on cryptocurrency.

Key IRCI 2023 highlights

● 91% are aware of at least one cryptocurrency
● 26-35 year olds most aware of cryptocurrency
● Bitcoin retains highest awareness at 87%

● 44% hold at least 10% of cryptocurrency in their portfolio
● 47% have been investing in cryptocurrency for 1-2 years
● About half of Singaporeans, 46%, invest up to $1,000 / month on cryptocurrency
● 54% use cryptocurrency to diversify portfolio, 53% invest because of friends and family and 47% do so out of curiosity, media driven
● 45% cite price volatility as a barrier to cryptocurrency investing, while 30% want more consumer protection and regulation

● 59% say that clarity in regulation would help increase their trust in cryptocurrency
● 53% see Bitcoin as an investment asset or store of value
● 50% believe that cryptocurrency will reach mass-scale adoption

● 40% are likely to invest in cryptocurrency over the next 12 months
● 48% plan to increase their current cryptocurrency portfolio
● 72% are likely to recommend cryptocurrency to family & friends
● 78% who invested for five years or more saw the value of their cryptocurrency portfolio increase
● 85% investors who have invested in cryptocurrency for more than 5 years are confident / very confident in its long-term viability

This year’s edition also examines attitudes toward cryptocurrency across three new segments: Female Investors, High-income Earners, and Young Adults.

  • 37% of females are invested in cryptocurrency, up 7% since 2022. Conversely, 48% of males invested in cryptocurrency, down 1%
  • 76% of females reported making money or breaking even, compared to 72% of males
  • 65% of Singaporeans earning S$5,000 or more per month have invested in cryptocurrency, an increase of 6% from last year
  • The SGD7,000 to SGD9,000 income segment allocated the highest portion of their investment portfolio toward cryptocurrency
  • 33% of 18 to 25-year-old Singaporeans (also known as “Gen Z”) want to invest in cryptocurrency, but say they do not have the financial means to do so
  • Gen Z cohort is most optimistic about Bitcoin’s long-term price but also the most neutral when it comes to cryptocurrency preferences


"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. 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." said Lasanka Perera, Chief Executive Officer of Independent Reserve Singapore.


"Singapore has one of the clearest and robust regulations for cryptocurrencies, which gives investors an added assurance of dealing with trusted players. As Singapore continues to remain open to innovation in digital assets, education remains crucial as awareness and adoption of cryptocurrencies among residents grow."