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Recently, a new annual Independent Reserve Cryptocurrency Index (IRCI) survey was conducted in Singapore, polling around 1,500 local residents on their stance in regard to cryptocurrency assets. The survey was conducted in February 2023; the results were published yesterday, March 28th.
One of the most interesting findings is that Singaporean women are slightly more likely to make money from cryptocurrency investment or at the very least, break even than their male counterparts.
How many Singaporeans 🇸🇬 do you think own #crypto?
We surveyed over 1,500 Singaporeans about crypto, see our survey results in the thread below. 👇
🧵 1/7
— Independent Reserve (@indepreserve) March 29, 2023
The results of the survey
The survey, conducted by the crypto exchange Independent Reserve, noted that 76% of women reported either profiting or breaking even. Their male counterparts had similar success, but the survey shows that women have slightly outperformed them, with 72% of men reporting the same success.
The survey remarked that “Since the launch of IRCI in Singapore in 2021, this is the first time that females have reported outperforming their male counterparts.”
Apart from reporting their higher success at making money from crypto, the survey has also found an increase in the number of women that are willing to participate in crypto investments this year. According to results, 37% of women surveyed have admitted to having crypto investments. The figure represents a 7 percentage point increase in comparison to last year’s findings.
However, out of all the questioned men, 48% said that they are participating in crypto trading, which is actually a 1% drop compared to last year.
Adoption is still on the rise, and crypto investors plan to diversify their portfolios
A significant number of female participants revealed that they are bullish toward cryptocurrency, where 24% even admitted t allocating over 20% of their investment portfolios to digital assets. When questioned about their plans involving cryptocurrency in the next 12 months, as many as 48% have stated that they plan to make additional investments in their existing portfolio. Meanwhile, 43% noted that they wish to diversify and invest in other coins and tokens, NFTs, as well as DeFi protocols.
The survey noted that the overall confidence level in cryptocurrency — which ranges from 0 to 100 — had scored 55. This is actually a 6-point decrease from last year when the figure was 61. However, this development was attributed to a number of negative events seen in 2022. Given the collapse of the Terra/LUNA project, the collapse of FTX, and the fact that a number of other major crypto firms filed for bankruptcy, the investors’ confidence has been shaken, which is understandable.
Lasanka Perera, the CEO of Independent Reserve, said that 2022 was a challenging year for the crypto industry for several macroeconomic factors. But, despite this, crypto adoption is still progressing. 43% of participants said that they still had investments, in comparison to 40% which said the same last year.
In 2023, 43% of Singaporean 🇸🇬 residents owned crypto (+3% pts from 2022).
🧵 2/7 pic.twitter.com/9jS7km5uIP
— Independent Reserve (@indepreserve) March 29, 2023
Apart from that, 48% of all crypto investors said that they intend to increase their current portfolios. Perera attributes the rise in adoption to the government’s well-established regulatory frameworks.
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