Singaporean women are more likely to make money on crypto investments than men, as per the results of a survey undertaken by the Independent Reserve crypto exchange.

Carried out last month, the annual Independent Reserve Cryptocurrency Index (IRCI) survey polled “1,500 everyday Singapore residents on their attitudes toward cryptocurrency.”

According to the data, 76% of women said they are making money or breaking even on their cryptocurrency investments, compared to 72% of men.

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

In addition, the poll revealed a rise in women involved in crypto investments in 2023. A total of 37% of women polled said they had crypto investments, making up a 7% increase over last year, Cointelegraph reports.

Whereas 48% of men said, they had cryptocurrency investments, a 1% drop compared to the 2022 Independent Reserve Cryptocurrency Index.

Furthermore, a considerable number of women who took part in the survey also highlighted bullish outlooks towards cryptocurrencies, with 24% saying they had “allocated more than 20% of their investment portfolio to this asset class.”

“Over 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 went on to add.

The IRCI also ranks overall confidence in crypto in a range from 0 to 100. Confidence in Singapore reached a score of 55, down from 61 the year before. This was predominantly due to several major crypto firms collapsing in 2022.

“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,” according to Lasanka Perera, CEO of Independent Reserve Singapore.

Nevertheless, cryptocurrency adoption continued to rise, with 43% of respondents saying they had crypto investments, compared to 40% in the previous year.

“As recent global financial events continue to unfold, many may also re-evaluate their dependence on traditional financial institutions to safeguard their money and turn to alternative assets such as Bitcoin to hedge against bank defaults and currency debasement,” Perera added.

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