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2023 could be the year that women achieve greater financial independence. Will it be time for crypto sisters to make their mark in the world of cryptocurrencies?
The world of cryptocurrencies presents itself as the Wild West dominated by male speculators known as “cryptobros”. Although 2023 begins to be seen as the year in which women will achieve their financial independence and it will be time for "cryptosisters" to make their mark, by challenging the status quo and breaking with a market currently dominated by men.
In order to give visibility to the disadvantages that women still have in the crypto ecosystem, we share a text with the main myths and truths about gender in the world of cryptocurrencies for your dissemination.
Myth 1: Women are not interested in the crypto world
Fake. Although a 2021 Binance study stated that men were 95% of cryptocurrency users and that only 26 % of cryptocurrency holders were women in that same year, in 2022, this number varied drastically to 47%. of those who were thinking of buying crypto for the first time, according to researcher Gemini .
In Europe, the United States and Australia, a third of current cryptocurrency owners are women : 33%, 32% and 27% respectively. Furthermore, Latin America leads the statistics with 43% of cryptocurrency owners in the region identifying as women .
In order to learn about market movements and take the first steps, groups such as ' Women in Crypto' have been formed globally, which serve as a platform to learn in a safe space and connect with other enthusiasts on the subject.
Myth 2: Women do not understand economics, blockchain or cryptocurrency
Fake. This is a myth rooted in the macho thinking that women are not as good at technology, math, or financial investing as men. All of these are teachable skills and are therefore accessible to anyone with an interest in learning them.
In fact, women play a fundamental role in the global economic force, being responsible for making 80% of purchasing decisions and holding the largest number of university degrees and master's degrees in the world.
Myth 3: Women do not have the potential to reach positions of power in the crypto world
Fake. Gracy Cheen, who first dabbled in crypto in 2014, recently wrote on Forkast : “The world of cryptocurrency to a large extent still portrays itself as the Wild West dominated by male speculators and bro culture, bolstered by the recent scandals (referring to the collapse of FTX) and the fall. However, female engagement and leadership in crypto can help change this perception and create a more positive image for the industry.”
A study by the firm Crypto Head states that less than 5% of crypto entrepreneurs are women , while web3 technology companies founded by women represent only 2% of venture capital funding. This underrepresentation of women has many costs: a growing body of BCG research has revealed that companies with diverse management teams are more innovative and profitable.
In Latin America, for her part, Silvina Moschini, CEO of Unicoin , is one of the few women leading a cryptocurrency whose essential characteristic is that it is backed by assets and has been designed to grant dividends.
Myth 4: More men than women work in the crypto world
TRUE. According to the World Bank , only 28% of tech jobs are held by women . But this is not to say that progress has not been made. 30% of new employees in the crypto world are women , according to Forkast , who explains that this is a growing trend.
From the beginning, crypto was configured as a men's space and the evolution is palpable, since by 2022 the female executives in cryptocurrency companies exceeded 20%. From the creation of the code, programmers, blockchain developers, front and back end engineers are involved. There are entrepreneurs and women who invest in crypto, designers and social media, managers and marketers who work in the ecosystem. The list is long and they are opening their doors in this market.
Myth 5: Women only make emotional investments
Fake. The most popular criteria among women for selecting an asset in a portfolio are the asset's current capitalization (59.2%) and the project's ability to solve practical problems (52.4%), explains BDC. Emotional purchases are part of a tradition that describes women as prone to spending money in an uncontrolled way, and now that stereotype is being transferred to the realm of investing. But the reality is that the profiles of those who invest in cryptocurrencies are not influenced by gender but by the relationship with risk and other behavior patterns. Furthermore, according to a study by Fidelity Investments , womenare more likely than men to proceed cautiously with an investment, 78% vs. 73% respectively. And when it comes to cryptocurrency specifically, a study by Spiral confirms that women prefer to do more research than men before buying bitcoin.
Cryptosisters to the rescue
According to a Coinbase study , 31% of college-educated women in the US and UK do not believe they have equal access to the financial system, and according to the World Bank, men are still the majority of account holders in the banks. This is why cryptocurrencies are an option to reduce the gender gap.
The global trend is that women are more involved with finances and investments, and this may change the figure of the cryptobro to one that places women on an equal footing with men: the cryptosister.
The cryptosisters are the profile of women who invest in cryptocurrencies, educate themselves about the financial world and seek to make this technology more accessible and not a tool for exclusion. They are the alternative to that example of fragile masculinity of the cryptobro, and they collaborate to create a digital economy where gender prejudices are gradually diluted.
They are trying to create a digital economy where gender prejudices are gradually diluted.