Singaporean Women Surpass Men Counterparts in Crypto Trades

A new survey showed that Singaporean women likely tend to make money from their crypto investments more than men, Cointelegraph reported.

The survey, conducted by the cryptocurrency exchange Independent Reserve, found that 76% of female participants said they make money from their crypto investments compared to 72% of male participants.

Independent Reserve Cryptocurrency Index (IRCI) surveyed 1,500 everyday Singapore residents on their stances toward cryptocurrency. According to the survey findings, this is the first time in which women outperform men in crypto investments since the launch of the IRCI in Singapore in 2021.

Data from IRCI from 2021 to 2023 showed that the growth of female investment in crypto surpassed the male one. This year witnessed a 7% increase in female investment in cryptocurrency to reach 37% compared to 30% in 2022.

On the other hand, male investment in crypto witnessed a decline of 1% this year to record 48%, compared to 49% in 2022.

The survey referred to a remarkable number of women whose stance toward cryptocurrency was bullish as 24% of them said they had allocated 20% of their investment portfolio to this field.

Moreover, Singaporeans’ confidence level in crypto went down this year to 55 out of 100, compared to 61 the year prior. This decline is attributed to the rough year that the crypto industry witnessed over the past year, including the collapses of crypto exchanges.

Commenting on the results, CEO of Independent Reserve Singapore Lasanka Perera said 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.

However, the crypto adaption is still growing as 43% of respondents noted they had crypto investments, compared to 40% the year prior. In addition, 48% of all crypto investors pointed to their plans to increase their current portfolios.