We have to be honest with the situation we find ourselves in, the current phenomenon of cryptocurrency is male-dominated, much like any other aspect of the tech or finance industry. From the terminology used to the shocking statistics, there are many reasons why women aren’t invested in crypto or Bitcoin. Did you know only 25% of women have a crypto wallet out of the population of people who have invested? And those figures only get smaller too as you hone in on the data, with 15% of women who work in the industry itself having actually invested in crypto, and of female leaders in this space – only 1% are invested. Although the last two years of the pandemic have undoubtedly accelerated women’s interest in the adoption of crypto and its power for democratising finances along with allowing equal access, there still is a huge deal to be done if the statistics of women investing in crypto is to change.
How do we change the future landscape of crypto for women?
Particularly if only 1% of female leaders have actually taken an interest in it. Crypto is moving fast, and we risk further inequality and a larger gender gap if we don’t start making it a priority right at the top of the chain, starting with the decision-makers. Those decisions need to lean more toward investing in female-led businesses. It is crucial if we are going to change the face of crypto as male-centric. If venture capitalists and other investors take an active and deliberate stance in prioritising women in this business space, the big gaps in diversity will hopefully start to diminish. We also need to have more female CEOs and leaders in this area, they need to be able to understand what it is, why it’s important, and teach it to others in a more female-friendly manner. Why? Because when it comes to influencing and inspiring women in this space, few have more power and relevance than female CEOs. Leaders in the area can act as role models, not only to get women trading, buying and holding cryptocurrencies but to also get them to actively participate by studying. Learning to be developers and programmers opens up the possibility for jobs within the male-centred industry. Women can also pursue their own blockchain projects and in turn educate others about their successes.
It is a known fact that not a lot of women are starting companies in today’s climate, especially in tech and finance, and it always comes back to six reasons; confidence, tech skills, financial literacy, business and entrepreneurship, family and relationships and women’s health. More needs to be done to support women in these roles, otherwise, it will become a vicious circle of the finance and tech industry being male-led.
Whenever we see a woman taking a stance and showing interest in crypto, we need to take it seriously and help grow their business by supporting and investing in their ideas.
We might not be able to make a change overnight, especially with the figures for women in crypto being so small, along with the other priorities women have to juggle, but with active investors and female CEOs as champions in this area, we can bridge the gender gap in cryptocurrencies.
How to encourage women to join crypto conversations
The industry as a whole innovates so quickly that there is still huge potential for women to get involved, but action needs to be taken now to make sure women are joining the conversation so that they are part of the teams making an impact and building the technological solutions of the future. If all this technology continues to be built primarily by men, then female-only issues might not, and probably won’t, even be addressed in these spaces moving forward.
It would be great to see the terminology of ‘wallet’ and ‘gas fees’ becoming more female-friendly, as these masculine connotations create an unwelcoming feeling for women. It would also be great to see Bitcoin being talked about as the next form of generational wealth, where it is passed on from generation to generation, and more will understand its importance. We need to make more women excited about it. Trading in crypto is not unlike trading in gold or stocks and shares, and many don’t understand that the language used to communicate about crypto is so littered with jargon and male-centred references.
It is also important for corporate firms to start offering it as incentives. Why not give Bitcoin for a birthday? Or pay for their bonus in crypto? Once women start to understand and see its value and worth, and it becomes the norm, we will start to see a shift in the culture of crypto.
Women-led and inclusive platforms like FemPeak aim to educate and inform about the crypto space and other decentralised emerging technologies. Fempeak offers incentives for crypto, for example, anyone who doesn’t already have a crypto wallet, they are encouraged to sign up for one and are given a free NFT so they can understand its benefits. Fempeak offers this because it understands that women are undoubtedly more risk-averse, so creates an incentive to dip a toe into the waters and see its value without spending their hard-earned cash. If more incentives like this were the norm, the future landscape of crypto would start to look much more female-centric allowing the future of finances to be more fair, equal and decentralised in direction.
About the author: Somi Arian is a Tech Philosopher, award-winning filmmaker, author, entrepreneur and LinkedIn Top Voice. Somi defines herself as a ‘Transition Architect’ providing much-needed frameworks to transition positively as humans merge with technology. She is the founder and CEO of FemPeak and Smart Cookie Media. Her interest in the exponential growth of technology has led her to study, learn, trade and invest in blockchain and cryptocurrencies.
About FemPeak: FemPeak is a Web3 education platform where we prepare companies and individuals to participate in the ownership economy and the next generation of the internet. We are led by women and inclusive to everyone ready to thrive in the emerging world order defined by technology.
An ecosystem where visionary individuals come to gain live access to global leaders, learn about the macro-economic landscape, rub shoulders with their peers, to stay in the know and ahead of the curve in the fast-paced world of business, technology, and creativity.
The FemPeak platform is growing fast with an online audience of more than 60,000 users that are genuinely passionate about supporting women in all areas of professional growth. Following a successful round of investor funding in 2021, the business is now valued at £25million, with the next round of funding planned for April 2022.