Singaporean women are slightly more likely to make money or at least break even on their cryptocurrency investments than their male counterparts, according to a survey by cryptocurrency exchange Independent Reserve.
Released on March 28, the Independent Reserve Cryptocurrency Index (IRCI) annual survey was conducted in February and surveyed “1,500 Singaporeans every day about their attitudes towards cryptocurrencies.”
According to survey data, 76% of women reported making money or breaking even on their cryptocurrency investments, compared to just 72% of men.
“Since the launch of IRCI in Singapore in 2021, this is the first time that women have reported outperforming their male counterparts,” the survey results read.
The survey also found an increase in women participating in crypto investments this year, with 37% of the women surveyed saying they had crypto investments, which is an increase of 7 percentage points compared to the previous year.
On the other hand, 48% of men said they participated in the activity, which was down 1 percentage point compared to the 2022 IRCI.
A significant number of women surveyed also described bullish stances towards cryptocurrencies, with 24% saying they had "allocated more than 20% of their investment portfolio to this asset class."
“Over the next 12 months, 48% plan to invest further in their existing portfolio, while 43% intend to diversify into other token, Defi, or NFT projects,” the report added.
The IRCI also provides a score for overall trust level in crypto ranging from 0 to 100. In this year's edition, Singapore's trust scored 55 out of 100, down from 61 the year before.
This was mainly attributed to the difficult year that crypto had in 2022, as it several major crypto companies filed for bankruptcywhile the collapse of Do Kwon's Terra/LUNA Project it also sent shockwaves through the sector.
“2022 was a challenging time for the cryptocurrency industry, due to various macroeconomic factors. The collapse of Terra-Luna and the fallout from FTX have understandably led to a loss of confidence in the industry,” said Lasanka Perera, CEO of Independent Reserve Singapore.
However, even as trust faltered, cryptocurrency adoption continued to rise, with 43% of respondents saying they had cryptocurrency investments, up from 40% the year before.
Furthermore, a significant number of respondents indicated that they have long-term confidence in cryptocurrencies, with 48% of all cryptocurrency investors stating that they plan to increase their current portfolios.
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“As recent global financial events continue to unfold, many may also reassess their reliance on traditional financial institutions to protect their money and turn to alternative assets like Bitcoin to protect against bank defaults and currency debasement,” Perera noted. , adding that:
"It is encouraging to see that optimism towards the long-term benefits of cryptocurrencies remains strong in Singapore and that investors who take a long-term view are reaping rewards."
Perera also suggested that part of the Singaporean crypto investor's long-term confidence was due to the government's decision. well-established regulatory frameworks for the industry
“Singapore has one of the clearest and strongest regulations for cryptocurrencies, giving investors an additional guarantee of dealing with trusted players. As Singapore continues to be open to innovation in digital assets, education remains crucial as awareness and adoption of cryptocurrency grows among residents,” the CEO stated.
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