As we increasingly realize that crypto and blockchain technology is revolutionizing the future, a concept that requires our urgent attention is the gender disparity. As per a survey conducted by Circle, a crypto finance company, nearly 5% of women invest in cryptocurrencies vis-à-vis men. The same was even noticed in a user survey conducted by eToro, a social trading platform, in May 2018. Merely 8.5% of all their crypto users were women. Clearly, the insight that women in crypto are a minority, is not novel.
However, now, when blockchain and cryptocurrencies are likely to disrupt the technology space, especially in the finance and banking sector, it is important for women to participate not just as enablers but also as consumers. Further, as early proponents of the new technology, it is their chance to reserve a substantial share before the idea goes mainstream.
If women delay their participation in this field any longer, they will slip out on two big opportunities. Firstly, they would miss out on the chance to make their mark on the ongoing trend of modern decentralized finance replacing traditional finance. Secondly, they will lose out on heaps of wealth that the cryptocurrencies space is expected to bring.
But why is that women are not forthcoming into the crypto space as much as their male counterparts? In this regard, Circle found that the lack of accessible educational resources is what is keeping women from riding on the new technological wave. This, in turn, lowers their investment confidence and instills a fear of “the unknown”. A recent sample analysis of women investors by Dacxi, a fintech company, revealed that 41% of the women studied, want to invest in crypto but are limited by the lack of knowledge.
However, if women are empowered with the right set of tools to procure awareness and confidence, we would see more women participating in the imminent revolution. Even in India, like everywhere else, female crypto investors are a minority, while men are still a majority. But what stood out in a survey conducted by Buyucoin, a crypto exchange company, in September 2020, is that Indian women are willing to spend more than their male counterparts. The company also found that females had great potential in advancing and leading this industry.
That said, crypto space still majorly remains “a boy’s club”. There have been some recent reports suggesting a slight improvement in women participation numbers. However, the figures are abysmally low. Overall, bitcoin and blockchain conversations still cater more to a predominately male-dominated audience. And there is no clarity on when the situation will improve to a level, where men and women will be equals in the new-era.
An intriguing question is – Aren’t we neglecting, several millions of women who have a healthy interest in Bitcoin? Merely because there isn’t a proper educational platform, allaying their fears? Is this justified? Don’t we need solutions that are more inclusive than exclusive?
In the modern world of digital assets and related wealth prospects, everyone should have an equal right to the endless competences of this new-age technology. With the right education at the entry-level and relentless support, women can surely bridge the gender diversity gap in the crypto-space. In this exciting new era, everyone deserves a fair chance to win!!