Cryptocurrency emerged for numerous reasons, one of which is to foster financial inclusion and empower individuals. But does this indicate that the sector has an ideal gender balance? The answer is no. Despite the crypto industry’s rise to prominence over the years, a significant gender gap persists, with men largely holding positions as owners and entrepreneurs. What trends are unfolding regarding gender dynamics in the crypto sector?
A report from BDC Consulting reveals that more than half of the women who interacted with crypto did so to improve their financial health. Women generally prefer to hold cryptocurrencies for the long term instead of actively engaging in trading. The study highlights various barriers that women face in entering the crypto space, such as a lack of educational resources, shared financial responsibilities within families, and negative comments from male peers in online crypto forums. Furthermore, research from Psychology Date indicates that only 23% of women find men who are enthusiastic about crypto attractive. Let’s delve into female engagement in the crypto realm and examine what it means to work in this industry as a woman.
Women as Crypto Owners
The Global State of Crypto 2024 report by Gemini demonstrates that the ownership gender gap is not only present but has also widened in 2024 compared to 2022. The percentage of women among respondents decreased from 42% in 2022 to 31% in 2024.
The report points out that women and men show similar intentions to purchase crypto for long-term holding. In the UK, a higher percentage of women hold crypto for over a year compared to their male counterparts who are long-term holders.
It’s vital to acknowledge that despite its global claims, the research is based on a survey of 6,000 adults from just five countries: the U.S., the UK, France, Turkey, and Singapore, overlooking many nations with notable cryptocurrency activity.
This disparity points to a substantial opportunity for crypto companies to broaden their user bases by appealing to female investors. However, they must devise strategies that resonate with women who have yet to explore cryptocurrencies.
Women in the Industry
The gender gap becomes even starker when examining the number of women in the cryptocurrency industry. A study by Forex Suggest highlights the significant gender imbalance among CEOs of leading crypto firms, noting that only 3 out of the top 50 industry leaders are women, with the remaining 47 being men.
According to Forex Suggest, the most influential female CEOs in the blockchain sector include BitOasis CEO Ola Doudin, Kaiko CEO Ambre Soubiran, and Elliptic CEO Simone Maini. None of these leaders are based in the U.S., and their online visibility lags behind that of the top male CEOs.
While these statistics might seem disheartening, they should not discourage women from pursuing careers in the crypto industry, as many are successfully navigating their careers despite these hurdles.
The wage gap remains a contentious issue. Forbes references the 2024 Web3 Finance Compensation Report, which reveals that women in the web3 sector earn an average of 46% less than men. This gap is considerably larger than that observed in the web2 finance sector. Notably, venture capital investments in women-founded crypto startups reached 7% in 2024, a 100% increase from the previous year, yet it still remains minimal.
However, Pantera Capital presents an alternative view, suggesting that women in the crypto industry earn more than their male counterparts. Their 2024 survey of 502 U.S. respondents indicates that in the web2 finance sector, women earn 84 cents for every dollar earned by men, whereas in web3, women earn $1.15 for every dollar earned by men. This implies that the median salary for female workers is 14.67% higher than that of males.
The study further notes that while the overall number of women in the industry is low, entry-level roles are predominantly filled by men, whereas women typically hold positions requiring at least five years of experience. This might help explain the “reversed wage gap” witnessed in the crypto sector.
It seems that additional research and time are needed to ascertain whether women are thriving in web3 finance or facing greater challenges than those in web2. The common issues present in male-dominated fields continue to exist within the crypto industry:
Women’s Impact
The meaningful contributions of women in the cryptocurrency sector are significant and cannot be overlooked. Key figures, such as Wyoming activists Senator Cynthia Lummis and Caitlyn Long, CEO of CustodiaBank, have made major impacts. Lummis is recognized as a vital advocate for the Strategic Bitcoin Reserve, while Long, with her extensive experience on Wall Street, provides insightful perspectives on various financial topics, particularly Bitcoin’s advantages over traditional finance. Her participation in podcasts and conferences is worth following, as she discusses crucial issues surrounding crypto regulation.
Lummis has long been an outspoken supporter of crypto and Bitcoin in government circles, well before it gained mainstream recognition. She plays a pivotal role in shaping the future of cryptocurrencies in the U.S., thereby impacting the global crypto landscape, especially as the U.S. positions itself as a leader in the field.
Hester Peirce has also made significant contributions by altering how the SEC interacts with cryptocurrency firms, granting them more freedom to develop rather than being embroiled in legal disputes during Gary Gensler’s term, when crypto was largely classified as unregistered securities.
These examples provide just a glimpse of the many women advancing in the crypto space. Despite existing challenges, the trend appears to be positive, suggesting that in time, we may witness an increasing number of women becoming crypto owners and leaders in the industry. The capabilities and commitment of women in the crypto sector are undeniable.
