Only about 15% of Bitcoin traders are women, highlighting a significant gender imbalance in the world of cryptocurrency, according to data from eToro.
To be honest, cryptocurrency, a 21st-century financial tool, is grappling with a problem reminiscent of the 20th century: the lack of female participation. This stems from stereotypes that men are more assertive, risk-taking, and reap greater rewards compared to women. Moreover, the investment world has long been accused of being a “boys’ club” dominated by men.
Specifically, only 15% of Bitcoin traders are women, indicating a significant gender imbalance in the cryptocurrency world, according to research conducted by the investment platform eToro in early 2021. While the percentage of female investors has slightly increased from 10% at the beginning of 2020, reflecting demographic changes amid Bitcoin’s meteoric price rise, this increase remains quite modest.
Bitcoin’s price surge in 2020 led to a wave of new investors signing up on various trading platforms. However, recent data reveals that cryptocurrency’s appeal is still predominantly directed toward men.
eToro, with over 18 million users since its establishment in 2007, is one of the most renowned platforms for cryptocurrency investment, alongside Robinhood and Coinbase.
‘Democratizing’ Bitcoin and Gender
According to Acorn’s Invest, the gender imbalance has impacted the financial services sector for many decades. However, cryptocurrencies like Bitcoin, Ethereum, and Dogecoin have been promoted as a way to democratize a traditionally exclusive field, welcoming new and diverse investors. While only around 11% of people in the United States currently invest in cryptocurrency, the industry has yet to break into the demographic group that is primarily women.
Furthermore, cryptocurrency is the only financial industry with higher participation rates among young people than older ones. Fifteen percent of individuals aged 18 to 34 own cryptocurrency, compared to 11% for those aged 35 to 64 and 4% for those 65 and older. This survey, conducted jointly by CNBC and Acorn’s Invest, took place from August 4 to August 9, 2021, involving 5,530 adult respondents in the United States, including 2,980 who invested in stocks, bonds, mutual funds, ETFs, or cryptocurrency.
Interestingly, people of all races have an equal likelihood of owning cryptocurrency: 11% of White, Black, and Hispanic individuals, 14% of Asian individuals, and 13% of individuals from other racial backgrounds invest in cryptocurrency. Although cryptocurrency has broken down racial barriers in investing, it has not bridged the gender gap significantly.
The First Glaring Spotlight on Women’s Success in Cryptocurrency Last year. Wirex launched the ‘Women in Crypto’ campaign to raise awareness about the essential role of women in the cryptocurrency space and challenge the gender stereotypes associated with it.
This mission aligns with Wirex’s core mission of empowering everyone to access the benefits of cryptocurrency. Wirex was the first company in the world to develop a cryptocurrency-enabled debit card and cryptocurrency rewards program.
This annual campaign aims to honor outstanding women in the field, acknowledge their achievements, and inspire other women to participate in the cryptocurrency industry. Last year’s list was highly successful, attracting more than 350 nominations from women of various nationalities, backgrounds, and roles. The 2020 winners included Christina Lomazzo, Head of Blockchain at UNICEF; Tonya Evans, Professor at Dickinson Law; and Simone Maini, CEO of Elliptic.
Lottie Wells, Senior PR & Events Manager at the leading company behind this campaign, affirmed, “There is no denying that the digital economy is getting closer to mass adoption, but it is only fair and sustainable if women are also involved.”
It is evident that gender imbalance in the cryptocurrency world has long been discussed in the media, debated by speakers at professional events, and researched by various organizations. However, much work remains to bridge the significant gender gap in how men and women benefit from the cryptocurrency economy.
Source: https://medium.com/@bobjacksonmz/women-and-the-crypto-investment-story-d4ca9985abe1
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