Singaporean women ‘outperform’ men in crypto trading, survey shows

Singaporean women are slightly more likely to make money or at least break even on their crypto investments than their male counterparts, according to a survey by cryptocurrency exchange Independent Reserve.

Published on March 28, the annual survey by the Independent Reserve Cryptocurrency Index (IRCI) was conducted in February and asked “1,500 everyday Singaporeans about their attitudes towards cryptocurrency”.

According to the survey data, 76% of women reported either making money or breaking even on their crypto investments, compared to just 72% of men.

“Since the launch of IRCI in Singapore in 2021, this is the first time women have reported outperforming their male counterparts,” the survey results said.

The survey also found an increase in women participating in crypto investments this year, with 37% of women surveyed saying they had crypto investments, a 7 percentage point increase 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 outlined bullish attitudes towards crypto, with 24% stating that they had “allocated more than 20% of their investment 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 adds.

IRCI also gives a score for the overall level of confidence in crypto from 0 to 100. In this year’s edition, Singaporean confidence scored 55 out of 100, down from 61 the previous year.

This was mainly attributed to the rough year crypto had in 2022, as several major crypto firms went bankrupt, while the collapse of Do Kwon’s Terra/LUNA project also sent shockwaves through the sector.

“2022 was a challenging time for the cryptocurrency industry, due to several macroeconomic factors. The collapse of Terra-Luna and the FTX fallout have understandably led to a loss of confidence and trust in the industry,” said Lasanka Perera, managing director of Independent Reserve Singapore.

Despite shaky confidence, however, crypto adoption continued to rise, with 43% of respondents saying they had crypto investments, compared to 40% the previous year.

In addition, a significant number of respondents indicated that they had long-term confidence in crypto, with 48% of all crypto investors saying they plan to increase their current portfolios.

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“As recent global financial events continue to unfold, many may also re-evaluate their reliance on traditional financial institutions to protect their money and turn to alternative assets such as Bitcoin to hedge against bank defaults and currency depreciation,” Perera noted, adding that :

“It is encouraging to see that optimism about the long-term benefits of cryptocurrency remains strong in Singapore, and that investors who take a long-term view are reaping the rewards.”

Perera also suggested that part of Singaporean crypto investor’s long-term confidence was due to the government’s well-established regulatory framework for the sector.

“Singapore has one of the clearest and most robust cryptocurrency regulations, giving investors an added layer of security to deal with trusted players. As Singapore continues to be open to innovation in digital assets, education remains crucial as the awareness and use of cryptocurrencies among its citizens grows,” said the CEO.

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