Crypto was intended to democratize by allowing everyone equal access to the system. At least, this was the mission of Satoshi Nakamoto, the founder of Bitcoin. Crypto was meant to do what the traditional financial system couldn’t by allowing men and women to have equal access to financial services and opportunities. These opportunities range from assuming higher leadership positions to payment. Yet, there seems to be a repeat of what happened in traditional finance in the crypto industry.
The majority of Blockchain companies and WWB3 firms are owned by men. Investors are largely men, somewhat making women the minority in the space. That brings us to the question: “Is women’s participation in the crypto space rising or declining?“. It is a question that has an obvious answer. In reality, women’s participation is rising but still low compared to men. Let’s look at some reasons why female participation is low.
Why is Women’s Participation Low?
Women’s minority status in the crypto industry is due to the fact that it was men who bought into digital currency in the first instance. This move allowed them to amass so much money and influence. That’s why women feel left out in this male-dominated industry. It isn’t the fault of the men, however. Based on Bakkt analysis, 95% of women who don’t own crypto feel that their poor understanding of crypto is the main reason they haven’t invested in digital currency.
Of course, it is understandable. Nobody wants to invest in what they don’t understand. Although crypto isn’t complex to comprehend, many women think everyone will not understand it in one go. Also, they believe learning is time-consuming. As a result, they back out from investing. This culture around cryptocurrencies has made men have a negative notion about women making a name in the crypto world.
What To Do To Increase Women’s Participation in Crypto?
As explained, the main reason for the low participation of women in the crypto space is a lack of awareness. Most of them don’t understand what crypto is and what they can benefit from it. The only way to correct this is to make educational tools and materials accessible to women. Learning more about crypto investing will open their minds to opportunities in the industry and bring them on board.
The good news is female investors are rising. A BlockFi survey revealed that one in every three American women has plans to buy crypto this year. Joyce Yang, CEO of Global Coin Research, said the proportion of women is growing faster than in traditional finance. Achieving a level-playing ground is possible if this rate is maintained.
There are several reasons women should move towards crypto. First, the current financial system is marred by a gender gap that isn’t expected to bridge till maybe the next two centuries, based on World Economic Forum data. It means that women will continue to have unequal access to financial resources and limited opportunities for career advancements and pay.
On the other hand, crypto is new, largely unregulated, and still gaining adoption. It presents countless opportunities for all, especially women, who have been suffering from gender inequality in the typical financial world. Women who desire financial independence can only achieve that via digital currency – no restrictions on how to transact and make your money or who to transact with. Above all, you do not need to answer numerous questions to open a wallet.
People need to access their money easily. In a world where money flows fluidly and is exchanged rapidly, you need a system to give you total control and independence. Blockchain and crypto can do that. Crypto lowers barriers to entry – it’s not geographically dependent or needs a third party. An internet connection and a wallet to execute a transaction are what you need.
Women need to come on board. Diversity is vital for emerging technology like Blockchain because it will show how optimistic everyone is about the technology. It will lead to greater adoption and growth.
The pace might be slow, but women’s participation in crypto is rising. The statistics above show that. When you compare where women are now to how they were two or five years ago, you’ll observe a steady rise in their involvement in crypto. Women like Maggie Love, founder of SheFi, and Candace Stewart, co-founder of HerHouse are doing all they can to get women up to speed in crypto through collaboration and education. So far, they are doing amazingly.
Women’s participation is crucial to the growth of crypto and its evolution. To learn more about how to get onboard, sign-up for IXFI, Your Friendly Crypto Exchange. Here, you’ll access educational materials and tools to become an industry leader in crypto.
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