The crypto industry has always had a glaring problem: a persistent issue of gender gap. However, in 2022, the problem is not so persistent anymore.
Only a few years ago, the entire industry sprawled with men – on exchanges, in crypto communities, online or offline, and at crypto conferences. As a matter of fact, men held the most crypto wallets, invested the largest sums of money and led (still lead) the most crypto outfits.
Tyler Gallager, a Forbes Council member, was so concerned in 2019 he wrote:
[Although] I have the pleasure to lead a cryptocurrency company. . . my industry has a problem. We definitely have a “bro culture.” If you go to a cryptocurrency conference, most of the attendees are men. Most of the speakers are men. Most of the leaders of crypto companies are men.”
At present, while glimpses of the problem remain, the gender gap in the crypto community is getting closed. And in an astonishing manner too. Recent surveys by Gemini and BTC Markets suggest that more and more women are entering the crypto scene. As a matter of fact, for the first time, women are now taking the lead in a few metrics. Of course, there is still a long way to go before the crypto industry can even be close to being gender-balanced. But for now, the signs are auspicious enough, lining up in what is becoming an obvious cultural shift.
Women Taking More Risks
According to the new report by Gemini, contrary to the usual belief of women’s risk-aversion, there are now more female crypto investors than ever.
Generally, women are considered to be more risk-averse in behavioral financial studies. This explanation sufficed in the past for the lack of female presence in crypto investment. However, women’s proclivity to be more measured in taking risks doesn’t seem to matter anymore. As a matter of fact, there are only two possibilities: One, either the crypto vehicle is not regarded as risky as it once was. Or two, risk never had anything to do with women’s involvement in crypto in the first place.
BTC Market’s latest analytic report reveals women in 2022 are more likely to make larger first deposits in crypto investments than men. Not only are women more willing to put more into wallet savings on first interactions, they are also the more likely non-crypto enthusiast to jump into the boat.
Going by the Australian exchange’s report, male participation increased on its platform by 80%. On the other hand, female participation surged by more than double this figure, at an impressive 172%.
One could say, of course, that female participation would only increase given there were only a few numbers to begin with anyway. But that does not explain BTC Market’s next interesting statistic. According to the exchange’s new reports, women were on average more likely to start with larger investment deposits. Data from the exchange says women’s initial deposits averaged $2,381, compared to the $2,060 in men.
Women Crypto Participation Increasing Across the World
While BTC Market’s audience is skewedly Australian, new data from other countries suggest the same is happening across the world. In the US, for example, female crypto holders are increasing by the day.
The earlier mentioned survey by Gemini goes on to record that a quarter of US crypto holders are women. That’s an outstanding increase compared to 2018 when the World Economic Forum put female crypto engagement at about 5.27% of all participants.
Asides from an increase in tendencies to “hodl”, Gemini’s report also suggests that 53% of US women are likewise “crypto curious”. In a similar fashion, BlockFi reported that women who professed knowledge of crypto trading have almost doubled between last year and this January. According to this report, American women often consider cryptocurrency as a means to reach their financial goals. Female investors were quoted to have cited crypto trading as accepted means of fulfilling certain dreams such as vacations and educational pursuits.
Faraway in the Indias and Africa
Asides from Europe, America, and Australia, women are spearheading crypto movements in other parts of the world. For one, there has been massive involvement in this advancement among the Indian female population. Particularly among entrepreneurs and professionals: engineers, teachers, lawyers etc.
This year, BuyUcoin recorded a rise of about 140% YoY among its female users. At this time, Millennials seem to be the most popular users, the 18-35 age group making up 3 in 5 of every investor.
Similarly in Africa, young women like Charlene Fadirepo and Peace Ojemeh are leading crypto outfits and teaching awareness.
Prominent Women Leading the Crypto Way
There is still of course some grounds to be covered when it comes to influence and leadership. Despite last year’s improvement in number, BlockFi still noted that only a few female faces occupied leading positions in the industry. According to BlockFi’s data, just five of the highest-ranking crypto coins have female founders. That is out of the 121 “well-ranked” cryptos. Male leaders dominated all the others, and still dominate.
However, despite these numbers, some women have forged massive reputations in a male-dominated industry. Others are burgeoning and influencing others in less crypto-aware countries. Here are a few names:
CEO of Lightning Labs, Stark’s face is a familiar one at crypto conferences. The entrepreneur also commands a huge following on Twitter. Stark is one of the most figures to have redefined the cryptocurrency marketplace for women. The Lightning Labs cofounder is also known for an original common quote:
Welcome to Bitcoin, you can’t tell people what to do!”
Known for her strong opinions about Bitcoin and the crypto industry in general, Cathie is just as big a household name as many crypto influencers. The Ark Invest Founder has more than a million followers on Twitter. In 2018, Wood funded her alma matter to encourage young girls to embrace “disruptive innovation.”
Fadirepo is a financial and crypto guru and one of Africa’s leading female voices. Fadirepo was a government regulator. Ever since she discovered the world of crypto, Charlene had started several movements to educate young women, introducing them to crypto. The Nigerian American started GuideFi in 2019.
A long-time crypto-proponent, Long is as popular on Wall Street as she is in crypto circles. Long is the current CEO of Custodia Bank and a well-respected crypto analyst. Long often describes herself as a “Bitcoin Evangelist”.
Mesidor is the founder of Blockchain Foundation and LOGOS blockchain. Mesidor is intent on developing opportunities for both women and People of Color. Cleve is likewise concerned with the intersection of public policies and crypto and how they affect adoption.
Abidi’s stereotype-breaking NFTs gained traction last year. Pakistani-American’s first collection of NFTs – Women Rise – launched in October. Abidi, like others in this list, hopes to introduce more women into crypto. When quizzed about the purpose of her NFTs, Maliha replied: “to attract more women into the world of web3.” The release contained 10,000 dynamic pieces, each celebrating women.
The crypto space is still quite far from a gender-balanced one, but there is hope. There is also an improved atmosphere. And this improvement is thanks to the industry’s increasing mainstream adoption, as well as key women influencers intent on female participation.
As of now, there is an estimated 1 female crypto investor in 4 American ones. It is not a lot, but it is an encouraging stat, better than 1 in 20 four years ago. In the next few years, female crypto participation is only bound to increase. Who knows what the future might hold then, and how many women would hold billions worth of crypto?