Women in Singapore are slightly more likely than men to make money, or at least break even, on cryptocurrency investments, according to a survey by cryptocurrency exchange Independent Reserve.
Published on March 28, the annual Independent Reserve Cryptocurrency Index (IRCI) survey was conducted in February of “attitudes towards cryptocurrencies among 1,500 everyday Singapore residents”. According to the survey data, 76 percent of women reported that their crypto investments either made money or broke even, compared to just 72 percent of men.
"Since the launch of IRCI in Singapore in 2021, this is the first time women have reported outperforming men," the findings read. The survey also found an increase in female participation in crypto investments this year, with 37 percent of women surveyed saying they have crypto investments, a 7 percentage point increase from the previous year.
On the other hand, 48% of men said they participated in the activity, a drop of 1 percentage point compared to IRCI in 2022. A large number of women surveyed also outlined a bullish stance on cryptocurrencies, with 24% saying they "allocated more than 20% of their portfolio to this asset class." “In the next 12 months, 48% plan to further invest in their existing portfolio, while 43% intend to diversify into other tokens, DeFi or NFT projects,” the report added.
IRCI also provides an overall confidence level score for cryptocurrencies from 0 to 100. In this year's edition, Singaporeans' confidence score was 55 out of 100, down from 61 last year. This is largely due to a difficult year for cryptocurrencies in 2022, as several major cryptocurrency companies went bankrupt, while the collapse of Do Kwon's Terra/LUNA project sent shockwaves across the industry.
“2022 will be a challenging time for the cryptocurrency industry due to several macroeconomic factors. The collapse of Terra-Luna and the aftermath of FTX has led to an understandable loss of confidence and trust in the industry,” Independent Lasanka Perera, CEO of Reserve Singapore said. However, despite the wavering confidence, adoption of cryptocurrencies has increased, with 43% of respondents saying they have invested in cryptocurrencies, up from 40% a year ago.
Additionally, a large number of respondents said they have long-term confidence in cryptocurrencies, with 48% of all cryptocurrency investors saying they plan to add to their current portfolio. “As the recent global financial events continue, many may also reassess their reliance on traditional financial institutions to protect their funds and turn to alternative assets such as Bitcoin as a hedge against bank defaults and currency devaluations,” Perera noted. and added: “Encouragingly, optimism in Singapore regarding the long-term benefits of cryptocurrencies remains strong, and investors taking a long-term view are reaping the rewards.”
Perera also said that the long-term confidence of the Singaporean cryptocurrency investor is partly due to the government’s well-established regulatory framework for the industry.
“Singapore has one of the clearest and most robust regulations for cryptocurrencies, which provides investors with the added assurance of dealing with trusted players. As Singapore continues to be open to innovation in digital assets, as residents embrace cryptocurrencies As awareness and adoption continues to grow, education remains critical," said the CEO.
