Crypto has a gender inequality problem, but it’s complicated

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  • A recent survey suggests that women are underrepresented in the cryptocurrency industry.
  • Decrypt spoke with several women in the industry to get their thoughts on the data.

According to a recent CNBC and Acorn Next Gen Investor, men are twice as likely as women to invest in cryptocurrencies. survey was conducted in collaboration with Momentive, the company formerly known as Survey Monkey.

In particular, the survey found that 16% of the men surveyed invested in cryptocurrencies, while only 7% of the women did.

data also shows that the gender gap in cryptocurrencies outweighs the gap evident in those who have invested in exchange-traded funds, individual stocks, mutual funds, real estate, and bonds.

Given that cryptocurrencies are, by design and according to their proponents, a means of democratizing finance around the world, these findings could undermine one of the purported core attractions of crypto assets.

Are cryptocurrencies dominated by men?

Hailey Lennon, a corporate attorney for Anderson Kill, said deciphering that the lack of female representation in cryptocurrencies “is a problem because different perspectives and participation are needed to have a financial revolution.”

“Since half of the world’s population is made up of women, the participation of women must be greater for mass adoption to occur,” added Lennon.

Lennon also considered the possibility that women are “generally more conservative with their finances.” Since crypto is still a new asset class and prices are volatile, “it’s riskier and less predictable,” he said.

“I am confident that we will continue to see more people enter this space in the years to come and I look forward to helping a significant portion of that group become women,” Lennon concluded.

According to the cryptocurrency exchange Gemini 2021 UK State Report on Cryptocurrencies, this gap is already beginning to close. ‘Gemini’s 2021 State of Cryptocurrencies in the UK Report revealed that 41.6% of past or current crypto investors are women and this number continues to grow,’ said Stephanie Ramezan, Business Development Director at Gemini Europe. decipher.

Heather Delaney, founder of Gallium Enterprises, shared Ramezan’s sentiment. “Investment confidence is growing as women are more likely to keep significant amounts of their assets in cash and seek to invest this money in a more diversified way,” she said. decipher.

Also Read ProShares Launches First US Bitcoin ETF Tuesday

“Cryptocurrency companies need to understand that the broader consumer audience needs education and Cryptocurrency 101 to build trust in the space,” he added.

Are these results fair?

While the Momentive survey results have struck a chord among some, others argue that the rise of the industry and the advocacy of privacy make the viability of these findings suspect.

Cryptocurrencies are an incredibly young asset with a relatively small investor base; It will take time for these numbers to have any real meaning, and ultimately we would expect the spread to reflect more of the population as a whole, ” Jason Deane, Bitcoin analyst. A quantum economics said decipher.

Deane added that he believes that Bitcoin is the “most inclusive asset the human race has ever seen.”

Samantha Yap, Founder and CEO of Yap Global, pointed to the nature of cryptocurrency investments as an obstacle to collecting accurate data.

“It is much more difficult to say in the world of cryptocurrencies or decentralized finance, as there are many anonymous investors, so we do not know what percentage of them are women or men,” Yap said. decipher.

That said, however, Yap said he was not surprised by these numbers.

“Doesn’t this also speak to the broader discussion of gender pay gaps and income inequality between men and women?” Yap said, adding that for those who are “unfamiliar with cryptocurrencies, it can be quite a daunting or intimidating asset class to invest in.”

Also read “Don’t let a cryptocurrency monopoly arise”

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