Women and Gen Z lead crypto trading in Singapore, study reveals

In the ever-evolving world of cryptocurrency, recent research by Independent Reserve unveils a fascinating shift in adoption, awareness, and investment patterns among Singaporeans. 

As the industry recovers from a tumultuous 2022, the latest study offers a deep dive into the emerging trends among female investors, high-income earners, and young adults. 

Empowered women rewrite the crypto narrative

The study reveals a significant surge in female investors making their mark on the crypto landscape. With 37% of women invested in the crypto market, marking a 7% increase since 2022, the tides are turning. 

Outperforming their male counterparts, 76% of female investors reported making money or breaking even. 

This remarkable growth in female participation can be attributed to influences from family and friends and a strong desire to diversify portfolios and pursue financial ambitions.

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Gen Z is defined by cautious optimism

Although Gen Z is highly aware of cryptocurrencies, their adoption rate has dipped to 39% from 45% in 2022. This cautious approach may be due to financial constraints, as 33% cited a lack of funds as the primary barrier. 

Despite this, Gen Z’s optimism towards crypto remains strong, with many looking to digital assets for long-term savings and financial gains. 

The report added that the tech-savvy generation continues actively seeking information, learning from media sources, friends, family, and search engines to stay ahead of the curve.

High-income earners fueling the crypto investments

High-income earners enthusiastically embrace cryptocurrency, as 65% of Singaporeans earning S$5,000 or more monthly have invested in digital assets, marking a 6% increase from the previous year. 

This group is driving greater investment in cryptocurrency, with 53% earning over S$10,000 and investing S$1,000 monthly. 

The S$7,000 to S$9,000 income segment is particularly bullish, allocating the highest portion of their investment portfolio toward cryptocurrency. Their confidence in crypto’s long-term viability paves the way for further growth and mainstream adoption.

The quest for trust and confidence amidst the turbulence

Despite the setbacks faced by the cryptocurrency industry in 2022, such as the Terra collapse and FTX bankruptcy, trust and confidence remain vital factors for continued growth. 

While high-profile incidents have shaken short-term confidence, long-term optimism prevails as 72% of investors are likely to recommend cryptocurrency to family and friends, and 84% of experienced investors endorse digital assets.

The clarity in regulation is a key concern, with 59% of respondents stating it would help increase their trust in cryptocurrency. 

Education is also crucial, particularly for Gen Z, with 59% identifying it as the top factor for building trust in digital assets. 

Navigating the future of cryptocurrency adoption

As the IRCI study highlights, the transformation of the cryptocurrency market is well underway, driven by the passion and ambition of a new generation of investors. 

It is up to the industry to ensure they have the tools, knowledge, and confidence to navigate this exciting world of digital assets successfully.

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