A CoinTelegraph article got my attention today. The upshot: more women are getting into cryptocurrency. This is a good thing.
A simple internet search on "women in crypto" quickly reveals the numbers gap between women and men in cryptocurrency. I read:
- "less than 5%"
- "overwhelmingly male"
- "male-dominated"
- "gender disparity"
- "why women are hesitant"
Statista numbers for crypto-holders in September, 2022 are roughly 3:1, male:female.
74%/26% are bad, but maybe not grossly egregious, like say 95/5%. Yet, there's certainly a way to go to achieve the 50/50 balance.
Why is this?
Well, this is the magic question. There's likely no one answer, and any answer likely has a lot of variables. Things like one's nation and culture no doubt play a large role in this type of thing. Power no doubt plays a role too. Those holding power hold the purse.
Scanning some articles, like this one, a recurring theme is that women tend to have lower tolerances for financial risk. At risk of sounding sexist or stereotypical, I think women are more likely to focus on the family as opposed to fortune-making. Money is a means to help the family get what's needed or wanted. A risky investment is one that can hurt the family. A solid, safe investment is a good one for the family. One that might go to zero, though holding a chance to moon, well, that's too risky.
Of course, lumping all women into one characterization is not accurate...there are lots of women willing to roll the dice with finances. But, altogether, I'd suggest men are more likely to take financial risk.
It can be argued whether crypto is even risky or not. Whenever you deal with finances, you can lose them. Still, crypto, rightfully or not, has been trying to shed the brand of risky/illegal/crime-ridden since the start. Recent meltdowns have not helped.
Another trend that seems to appear in the "why women are hesitant to enter crypto" narrative is education or know-how. Of course, this is not an intellect situation, but two things might be at play here.
(1) Education levels for women in developing nations likely lag that of males. Use the literacy rate graph below for a quick gauge of "education level".
(2) Tech-heavy (and math-heavy) education has definitely been male-dominated over the years. See the women in STEM jobs graph below for a snapshot.
Assuming crypto still has the connotation of being hard to understand, it's unsurprising that anyone with less computer or math background would be reluctant to jump in.
Back to the article
Returning to the CoinTelegraph article, the overall gist of the article is positive. Women are trending into crypto. This meshes with the STEM trend easily seen in the line graphs over time. The fact that women hold crypto second only to cash fits with my "women mostly care about the family finances" theory. I believe that, especially in developing nations or those vexed by inflation, crypto has become a way for many women (and men too) to obtain things for themselves and families. Perhaps, holding crypto is a way for women in powerless situations to hold something of value on their own. That crypto wallet becomes an empowering tool beyond the reach of powers-that-be.
As a for-instance, Yeonmi Park gave an interview on Laura Shin's "Unchained" podcast. She is a North Korea native who escaped that regime and now shares her amazing story. It's sad, but amazing. I'd encourage anyone to read it, or better, listen to her own words. She spoke of how crypto can be used by those oppressed (as well as by the oppressors:
"I mean, of course cryptocurrency can empower a lot of individuals oppressed by the regimes, but also, we have to be cautious because it can be also used by the dictator."
-Yeonmi Park on Unchained
Summary
There are fewer women in crypto than men, but times are changing. And, crypto can be a powerful tool for women. Let's get those girls in STEM classes!
*Not on Hive yet? Watch the animation I made: The Hive Story Animation and you'll learn all about it. The top benefits of the Hive blockchain: (1) no ONE person/group runs it, (2) YOU own and control your content, and (3) YOU earn the rewards that your content generates. Learn more or consider using my referral link to get your free account here and I'll support you as you begin. Alternately, you can see other options here.