Singaporean Women Outperforming Men in Crypto Trades Survey Reveals
The Crypto Trades Survey revealed 24% of women allocate or more than 20% of their portfolios to cryptocurrencies. A study by the Cryptocurrency Exchange Independent Reserve found that Singaporean women are slight. More likely than men to profit from their cryptocurrency investments or at least reach break even.
- 76% of women in Singapore said investing in cryptocurrencies made money.
- More women are participating in cryptocurrency investments compared to last year.
- The number of men participating in cryptocurrency activities has decreased.
- Despite wavering confidence, 43% of Singaporeans are still investing in cryptocurrencies.
- Singapore’s regulatory framework for cryptocurrencies is giving investors peace of mind.
Released on March 28 or annual Independent Reserve Cryptocurrency Index (IRCI) survey was conducted in February. Surveyed 1500 Singaporeans about their attitudes toward cryptocurrencies.
According to survey data, 76% of women said investing in cryptocurrencies made money or was profitable, compared to 72% of men.
“This is the first time women have reported doing better than men since the IRCI started in Singapore in 2021.”
The survey also noted an increase in the number of women participating in cryptocurrency investments this year or with 37% of women surveyed saying they have invested in cryptocurrencies, a rise of 7% year-on-year.
Meanwhile, 48% of men reported participating in activities, a decrease of 1 point compared to IRCI 2022.
A significant number of women surveyed were bullish on cryptocurrencies or with 24% stating that they allocate more than 20% of their investment portfolio to this asset class.
“Over next 12 months, 48% plan to continue investing in their existing portfolio, 43% plan to diversify into another token, defi or NFT projects,” the report adds.
IRCI also provides an overall trust level score for cryptocurrencies from 0 to 100. In this year’s edition, the Singaporean’s self-confidence scored 55 out of 100, compared with 61 last year.
This was primarily due to the crypto’s tough year of 2022 when several major crypto companies went bankrupt. The collapse of Do Kwon‘s Terra/LUNA project also sent shockwaves through the sector.
“2022 has been a difficult time for the cryptocurrency industry due to several macroeconomic factors. The fall of Terra Luna and the impact of FTX has understandably eroded confidence in the industry.” Lasanka Perera, CEO of Independent Reserve Singapore said.
However, despite the wavering confidence, the adoption of cryptocurrencies continues to grow, with 43% of respondents saying they are investing in cryptocurrencies.
Additionally, many respondents indicated long-term confidence in cryptocurrencies or with 48% of all crypto investors saying they plan to expand their current portfolio.
“As recent global financial events continue to unfold or many reassessing their reliance on traditional financial institutions to protect their money or to hedge against bank failures or currency devaluations. We may look to alternative assets or such as Bitcoin,” said Perera, adding:
“It is encouraging to see that optimism about long-term benefits of cryptocurrencies remains strong in Singapore, that investors with a long-term view are being rewarded.”
Perera also suggested that some of the long-term confidence of Singapore’s cryptocurrency investors is due to the regulatory framework the government has established for the sector.
“Singapore has one of clearest, most robust cryptocurrency regulations, giving investors peace of mind by trading with trusted players. Singapore remains open to innovation in digital assets. As such, education remains important as cryptocurrency awareness and adoption increases among residents.”