Why do we Need More Women in Crypto?


Why do we Need More Women in Crypto?


Women are alarmingly underrepresented in the cryptocurrency realm, even when compared to the mainly male tech sector as a whole. According to Google Analytics data from June 2018, men account for 91.2 percent of those involved in the bitcoin community.

Cryptocurrencies are digital assets that are encrypted and recorded in a public blockchain. A blockchain is a public and secure distributed ledger that records transactions. It is not managed by a centralized institution, such as a bank or a technological corporation, because it is distributed. The intermediary is removed using blockchain technology, allowing transactions to take place directly between two persons. The most well-known cryptocurrencies, like bitcoin, have been focused on payments, but blockchain technology can also be used for computation, storage, and a variety of other applications. Though some are skeptical of its long-term sustainability, this technology has the potential to transform many aspects of our life, including banking and beyond.

Women Around the World

Women Around the World investigates the link between women's advancement and U.S. foreign policy goals, such as wealth and stability. 1-2 times each week

Women have played a modest role in defining blockchain technology applications thus far. Only 8.5 percent of 378 venture-backed cryptocurrency firms created between 2012 and 2018 were founded or co-founded by a woman, according to an international Quartz survey. In the tech sector as a whole, a woman is on the founding team twice as often as a man—still low, at 17.7%, but far better than in cryptocurrencies.

The official conference party for the North American Bitcoin Conference in January 2018 took held at a Miami strip club, according to a New York Times article about "blockchain dudes." Only three of the 87 speakers at the event were female. The conference organizer, Moe Levin, replaced two male speakers with two female presenters only after receiving concerns about the gender disparity. "It was just a coincidence that there were more men than women speakers," Levin explained. "It wasn't on purpose that they weren't included. We simply don't have the time to add them." The gathering had featured skimpily clad models painted gold and sporting Bitcoin logos the year before.

The underrepresentation of women in cryptocurrencies is garnering attention, especially in the context of the #MeToo movement and a spotlight on gender disparity in computing in general. Women in Blockchain and other organizations are increasing awareness about the value of diversity in the field. The startup Mogul organized a "Women in Crypto" event in April 2018. Women, who consider crypto, tweeted Alexia Bonatsos, a female venture capitalist. Otherwise, the men will once again inherit all of the riches.

Some of the responses to the gender gap have been damaging in their own right. Anastasi Shvetsova, a managing partner at an M&A PR agency, which represents tech companies, recently attended a summit where there was a 'Pink Room,' an area intended particularly for women. According to Arianna Simpson, managing partner of Autonomous Partners, a cryptocurrency venture capital fund, this isn't the proper way. According to Simpson, this marginalization has a significant impact. She stated, There are women who are experts on literally every area on crypto and outside of it, and that I believe that putting those highly competent women onto the main panels, rather than saying, Look, we have women in blockchain panel, should be the focus.

It isn't just a question of fair wealth distribution. There are numerous reasons to assume that women may make important contributions to the industry and that a lack of women could be negative.

According to Duncan Stewart, research head of Deloitte Canada's technology division, there are studies out there that suggest men are inclined to bubble in a manner that women are not. According to researchers, women are more cautious when it comes to investing in the stock market, but they outperform their male counterparts. "Is Bitcoin a Bubble?" asks the author of a piece titled "Is Bitcoin a Bubble?" Of course, the gender divide doesn't prove that Bitcoin is a bubble, Stewart noted, adding that the gender divide doesn't prove that Bitcoin is a bubble. But the fact that men account for 95% of BTC [bitcoin] and other cryptocurrency investors is a huge red signal for him, he argued. I can't think of a single investment, currency, or asset class in history that has demonstrated that a large gender gap can be sustained.

According to Masha McConaghy, a German blockchain entrepreneur, women will benefit disproportionately from bitcoin access. Women are still more likely than men to be financially disadvantaged over the world.

In Saudi Arabia, for instance, women cannot receive a business loan without having two men testify for them. And in the United States, the National Coalition Against Domestic Violence found that 94 percent of women who were victims of domestic violence had also been victims of economic abuse, where the abuser restricted access to finances. Cryptocurrency is anonymous—users’ finances are connected to a key, not to their name—so women who have internet access and a phone can theoretically take advantage of digital currencies to manage and control their own finances, out of sight of men, the government, or others who might seek to control them.

As blockchain and cryptocurrencies open up new financial frontiers, it's critical that women engage in digital currencies as both creators and consumers. Women will be left out of the next generation of financial innovation if this does not change.

Previous Post Next Post