In the ever-evolving world of cryptocurrency, recent research from the Independent Reserve reveals 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 emerging trends among women investors, high income earners, and young adults.
Empowered women rewrite the cryptonarrative
The study reveals a significant increase in the number of female investors making their mark on the cryptocurrency landscape. With 37% of women investing in the crypto market, marking a 7% increase since 2022, the tide is 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 the influence of family and friends and a strong desire to diversify portfolios and pursue financial ambitions.
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Generation Z is defined by cautious optimism
Although Gen Z is highly aware of cryptocurrency, its adoption rate has dropped from 45% to 39% by 2022. This cautious approach may be due to financial constraints, with 33% citing lack of funds as the top barrier .
Despite this, Gen Z optimism towards crypto remains strong, with many seeking digital assets for long-term savings and financial gains.
The report added that the tech-savvy generation continues to actively seek information, learning from media sources, friends, family and search engines to stay ahead.
High-income earners driving crypto investments
High income earners are enthusiastically embracing crypto as 65% of Singaporeans earning S$5,000 or more monthly have invested in digital assets, an increase of 6% from the previous year.
This group is driving greater investment in cryptocurrency, with 53% earning more than S$10,000 and investing S$1,000 per month.
The S$7,000 to S$9,000 income segment is particularly bullish, allocating the majority of its investment portfolio to cryptocurrency. Their confidence in the long-term viability of cryptocurrencies paves the way for further growth and widespread adoption.
The search for confidence and security in the midst of turbulence
Despite the setbacks facing the cryptocurrency industry in 2022, such as the collapse of Terra and the bankruptcy of FTX, trust remains a vital factor for continued growth.
While high-profile incidents have shaken confidence in the short term, long-term optimism prevails as 72% of investors are likely to recommend cryptocurrency to family and friends, and 84% of experienced investors back cryptocurrencies. digital assets.
Regulatory clarity is a key concern, with 59% of respondents saying it would help increase their confidence in cryptocurrencies.
Education is also crucial, particularly for Generation Z, with 59% identifying it as the main factor in building trust in digital assets.
Navigating the future of cryptocurrency adoption
As the IRCI study highlights, the transformation of the cryptocurrency market is underway, driven by the passion and ambition of a new generation of investors.
It is up to the industry to ensure that they have the tools, knowledge and confidence to successfully navigate this exciting world of digital assets.
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