Saturday, June 15, 2024

How women are shaking up the crypto landscape as we know it

It’s no secret that cryptocurrencies have developed a reputation as a “boys’ club,” with many of the most prominently known individuals in the industry being men. Beyond that, there is certainly the general idea that most cryptocurrency investors and users are men, but is that really true?

While men might still be the majority in crypto, women are starting to stake their claim with both retail investors and projects headed by women picking up steam.

The Cryptocurrency Boys’ Club

Today, roughly 15% of all Americans own at least one cryptocurrency. However, this isn’t evenly divided among males and females. For men, the ownership rate is 20%, while for women, it’s 10%. That means twice as many men own cryptocurrencies as women do, but how can that be happening?

Traditional investment statistics show that women conventionally invest in more solid and low-risk investments than men. Overall, women invest in proportionally more bonds and real estate than men, who instead invest in individual stocks and exchange-traded funds. Cryptocurrencies have the highest volatility and highest risk of just about any potential investment, especially when it comes to various schemes like the Quantum AI trading software which was recently exposed and targets men and women indiscriminately. However, that doesn’t explain everything.

There’s also the issue of cryptocurrency’s “bro culture,” where most cryptocurrency communities are predominantly men and are often incredibly unwelcoming to any newcomer, but women in particular. However, recent developments are showing that these trends could be changing.

Recent survey points to more crypto interest among women

Recent industry statistics show that women in crypto could be on the upswing. BlockFi is a cryptocurrency company that offers a wide variety of products and services. Recently, they released the results of a survey gauging interest in crypto among women.

Out of the women surveyed, 24% say they own cryptocurrency. The survey also shows that 45% of women say they know how to buy cryptocurrencies. Understanding that process has been a sticking point for every potential crypto user. That 45% is double the number revealed in an earlier survey just six months earlier.

One of the most important findings of the survey is that 60% of the women surveyed said they intend to buy some cryptocurrency within the next three months. This shows that there could be a significant increase in the number of women in crypto very soon. Some of the most popular cryptocurrencies among the survey respondents included Bitcoin, Dogecoin, and Ethereum.

More crypto projects being headed by women than ever before

It’s not just investing and everyday crypto use that are seeing more interest from women, but also leadership and development of new crypto projects. There are countless examples of women becoming more prominent in crypto and blockchain development roles, and some are heading their own projects.

One such example is Elizabeth Stark, the co-founder and CEO of Lightning Labs. The 2016 American startup is behind the Lightning Network, a layer-two blockchain that serves to provide more energy-efficient Bitcoin transactions. As cryptocurrency use continues to grow, more energy-efficient solutions like those developed at Lightning Labs will be needed in the future.

Colendi is another crypto project that is implementing a decentralized credit score system to provide more secure and accurate scoring. Among the leadership at Colendi is Mihriban Ersin Tekmen, co-founder and COO. Along with her role at Colendi, Mihriban is the co-founder of Fintechtime, a fintech publication that provides news and analysis.

With both major projects being headed by women and an increase in retail investor interest among women, it seems that crypto will soon be less of a boys’ club than it is today. Broader and more diverse userbases and leadership can only serve to drive innovation and growth in the cryptocurrency industry.

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