While it's true that people still tend to believe that the world of crypto and Blockchain is predominantly male-dominated, the proportion of women who use cryptocurrency and blockchain technology has been steadily increasing over the years. These last years.
But what is it really today? In this article, we will take a look at this phenomenon by trying to explain to you the facts that led to this evolution of women in the crypto industry in 2023
Women and crypto: some key figures
In a study published by Grayscale in December 2019, it was reported that 43% of investors interested in investing in Bitcoin are women, a growth of 13% from last year.
Experts estimate a 43.24% growth in female cryptocurrency users for the first quarter of of 2020.
Women want to compete in the cryptocurrency and blockchain market.
Women and cryptocurrency Before 2020
The crypto and blockchain industry is not spared from gender inequality issues. In a study by the University of Illinois-Urbana Campaign 2014, only 1.76% of women held bitcoin tokens.
Women's lack of interest in cryptocurrencies was closely linked to the market's negative perception of cryptos. At the beginning of the 2010s, many thought that cryptocurrencies such as Bitcoin and Ethereum were used only to be traded in illicit activities.
Women who were mostly risk averse were dithering from venturing into the world of cryptos and Blockchain. But since cryptos became trusted financial assets for traders, women began to bet on them to achieve financial autonomy.
2017 MYETHERWALLET reported that women were only 16% of their wallet users. They found that this figure increased by 7 points in 2019, which means the number of women increased by 23% using the MYETHERWALLET wallet.
In 2018, a study conducted by the exchanger London Block Exchange (LBE) reported that the number of women who would like to invest in crypto more than doubled in 6 months; the proportion of girls increased from 6% to 13%. The same year City AM reported that 1 in 8 women were interested in investing in cryptos.
Women in crypto and blockchain start-ups
A study published by Longhash in 2018 showed that out of 100 blockchain start-ups, there were 14.5% female employees, and only 7% reached the title of Manager.
This same study pointed out that 78 of 100 start-ups had no women on the management team. 75 out of 100 companies did not have a female advisor. Nearly 37 had no female employees.
Yet, in 2020, the trend was starting to be quite different. Companies like Bancor and Binance have 40-50% women on their teams. These companies report that the presence of women is crucial for their growth, and the success they experience is linked to the rationality that women bring to the company.
The path to transition
crypt evolution finance, marked by an uptrend of Bitcoin, Ethereum, and XRP, attracted everyone's interest. Women, once outsiders in the crypto and blockchain space, are entering the industry.
In 2020, exchange Bithumb Global reported that women using its platform increased by 30%. This number is not the most surprising because, in the two years preceding this exercise, the number of female users grew by 22% and 160%, respectively.
Women's tech organizations that support other women have also played a big role in this transition. Tricia Martinez launched the Wala platform, allowing Ugandan women to easily transfer small amounts of money into their wallets.
Michelle Mona also launched her own cryptocurrency to allow more women access to cryptocurrencies. The Women Coin platform is also there to help women access the crypto market.
Factors Contributing to a Rise in Women's Interest in 2020
The gender gap in the crypto and blockchain market is narrowing significantly in 2020. The number of women in the crypto market exploded that year. Some believe that the COVID health crisis has propelled women further into trading.
However, the crisis alone cannot explain the rise of women in the crypto and blockchain environment. Other factors have played a preponderant role in the emergence of this trend and deserve to be analyzed in detail.
The accessibility of information on the Blockchain and cryptocurrencies
In the early 2010s, the lack of information on the Blockchain and cryptos meant that these technologies were assimilated into the "dark" sides of the web. We then spoke of the "Wild West" of illicit practices that occurred using the Blockchain and cryptos.
Shortly after, when industry news became easier, fewer negative reviews abounded on cryptos. As mentioned, this information availability marked women's first contact with cryptos.
Many platforms and organizations advocate for women to access blockchain and crypto tokens more. It has been noticed that the proliferation of these platforms has coincided with the explosion of women under the interchanges.
CoinMarketCap, for example, saw the number of women aged 18-24 increase on its exchange by 46% for the first quarter following education campaigns geared toward women.
Using Cryptos and Blockchain Just Got Easier
Previously, cryptos and Blockchains were criticized for being too complex. Technologically backward women then faced serious difficulties using Blockchain and cryptos.
In March, the financial platform 2gether revealed that 23% of its app users are women between the ages of 26 and 45 working in different professions, such as accountants, lawyers, and economists. Also, the Terra platform reported that 74% of its users are women in their late 30s and early 40s who paid with crypto for clothes, coffee, and other daily consumer goods.
Statistics suggest that millennial women, geeks,, and those without technical skills or education have slowly but surely started using cryptocurrencies.
The COVID crisis and the poor performance of the global economy
It was found that the number of women using CEX.IO grew by 26.86% from the first to the second quarter of 2020. This uptrend came during the pivotal period of COVID.
Experts believe that the uncertainty in the global economy has pushed women into the crypto market. These are portfolio diversification operations for some. Others believe that women want to profit most from the crypto market.
We have also seen that women show little interest in traditional financial assets (forex stock market indices and shares) that are too closely linked to the real economy. However, women's pessimism about the economy's evolution makes them take refuge in cryptos and the Blockchain.
Women inspired by other female models in the sector
In 2020, many women were inspired by successful female role models in the industry. Brit Morin is an entrepreneur and the founder and CEO of Brit + Co. She is the epitome of the woman who engages other women in crypto.
Jalak Jobanputra founded the venture capital fund FuturePerfect Ventures which she now focuses largely on the blockchain space. She organizes events to allow women to share their crypto knowledge with other women.
Finally, Ella Zhang, who works in the executive team at Binance LabsAfter a successful stint as a key account manager at Google, Ella took over as head of Binance Labs in April 2018. She is a role model for women who wish to dedicate themselves to the sector.
Women and Cryptos: Future Prospects
Women are invading the crypto market, with over 43% interested in investing in Bitcoin. This figure shows the real desire of women to position themselves in the crypto market.
However, the road to gender equality in the crypto and blockchain market is still long. In 2018, women were less than 20% to invest in cryptos.
Women need to invest in other promising cryptos other than Bitcoin. Although Bitcoin occupies more than 60% of the crypto market, others, like Ethereum, XRP, and Cardano, are also interesting cryptos.
Other crypto platforms must also run advertising campaigns focusing much more on women. Because women have become more interested in the world of cryptography and Blockchain.
Ultimately, women need to learn how to use simple and intuitive platforms to get the most profit from cryptos and Blockchain.