Like many technology and finance industries, cryptocurrency is seemingly dominated by men known as ‘Blockchain Bros’. However, women are entering the industry in droves and pushing the budding industry forward to realize its potential.
Cryptocurrency burst onto the scene in late 2017 when Bitcoin rocketed to nearly C$26,000 and fueled massive mainstream investment and coverage. It is an industry transitioning from obscure internet culture to mainstream acceptance, and woman heavily feature in this change.
The first, most introductory step in which women are entering cryptocurrency is through investing. According to the London Block Exchange, 13% of women are now considering investing in the cryptocurrency market, and for young women the number sits higher at 20%. As the growth of male investors stabilizes, cryptocurrency demographics will change and the industry will cater to incoming female investors looking to make their mark in the cryptocurrency world.
Various coins have sprouted up specifically targeted to women, however these currencies have not had staying power and have been largely treated as gimmicks. No coin marketed to women has made a significant impact on the market, and female investors seem to be holding their money in more established currencies.
Women at the Top
Women make more of an impact leading and directing some of the most powerful and cutting-edge coins on the market. Here they make their presence felt by developing currencies to change the world. Cryptocurrency events targeted at increasing female participation in the industry are also on the rise.
Joyce Kim is the co-founder of Stellar, a product which promises to revolutionize how money is transferred across borders. Stellar’s currency, Lumens, facilitates low-cost remittance transactions to benefit the unbanked of the world. Kim also is a venture capitalist in the cryptocurrency world and is one of the most successful women in the young industry.
Galia Benartzi is another woman making waves in cryptocurrency. She is the co-founder of Bancor, a currency which had a massive initial coin offering of $153 million and became one of the highest grossing coins on initial offer.
There is also a wide variety of women in the industry to follow for their future endeavors, including CEOs, venture capitalists, journalists, and influencers.
The Necessity of Women
With a growing number of women at the forefront of the field, it is only a matter of time before cryptocurrency shifts to meet global economic demands. Women account for 70-80% of consumer purchasing, according to Forbes. If the cryptocurrency industry wishes to fulfill its potential and transition the world to a decentralized, digital economy, then women need to have more of a role in the development of the industry.
However, cryptocurrency currently faces a huge gender disparity problem. Various research shows that men disproportionately make up cryptocurrency investors and enthusiasts, and women often face gender bias in the industry.
Simply put, cryptocurrency will fail without accounting for women as a pivotal factor in the mainstream adoption of digital currencies. Across the board, women are asserting agency and in increasing numbers are becoming bosses in the workplace. Cryptocurrency is likely to see a demographic shift as more women enter the market and become leaders in the industry, and this phenomenon will fuel growth.
Cryptocurrency’s potential is vast, we see new exchanges and coins popping up almost daily, and it is increasingly becoming a favored investing market. The potential business side of digital currency varies from investment advice, journalism and even cryptocurrency casinos, that support major cryptocurrencies like Bitcoin.
Cryptocurrency has developed quite far into a massive industry without much mainstream adoption. But, as the industry looks to pivot toward mainstream adoption as a currency, women will be the driving force in the success of the future of the digitized financial revolution.