A recent survey conducted by eToro, the social trading and multi-asset brokerage company, revealed that women only account for a tenth of crypto traders. This information solidifies the fact that gender inequality is still a major stumbling block for the crypto sector. Since the inception of Bitcoin, it has been for the most part judged as a male dominion.
Women Love Ripple while Men Dominate Ethereum and Bitcoin Cash
eToro’s survey was conducted between March 2017 to February 2018 on individuals using their services. The extensive survey took into consideration crypto participation based on age, gender and job sector.
According to the survey, women make up 8.75 percent of all crypto traders. However, the demographic insights are not shocking as it is not the first survey to highlight crypto sectors underlying concern; gender inequality. Moreover, as per the study, female involvement seems more limited to sales and marketing jobs. Overall, however, the crypto sector is a mix of technology and finance, both of which suffer similar gender inequality.
In beating these odds, many women hold esteemed positions at major crypto businesses. Some prominent women in the crypto sector include Blythe Masters, the CEO of Digital Asset Holdings, Elizabeth Stark of Lightning Labs and Antoinette O’Gorman, the CCO at Ripple.
The eToro survey not only highlights the demographic distribution but also digs deeper to reveal the type of cryptocurrencies preferred by men and women. As per the survey, bitcoin enjoys zero percent gender imbalance, while Ethereum, Bitcoin Cash, and Litecoin remain a male dominion. Interestingly, women are inclined toward trading Ripple’s XRP.
30 Percent of Crypto Traders Are Unemployed
To bridge the gender gap in the crypto space, Lightning Labs CEO Elizabeth Stark, offered scholarships to female blockchain developers. In a bid to encourage female participation in the crypto space, more efforts are required by industry leaders. However, per the survey, the gender inequality is not limited to developers, but also traders.
At the start of 2018, Stark slammed a coin.dance statistic which indicated that women participation in the industry was only five percent. Now the same analytics website shows an increased percentage of women participation, pushing to 8.78 percent. As per Stark’s opinion, the gender imbalance is not as bad as it seems.
Another fascinating insight from eToro survey points that most crypto traders are beginners. The study breaks down the investing experience into three sections; novice, intermediate and advanced. As per the research, 81.96 percent of traders fall under the novice slab, while 10.66 percent have an intermediate level of trading experience and 7.38 percent possesses advanced knowledge in trading.
According to the survey, 30 percent of traders are unemployed, of which 14.74 percent are jobless, 13.85 percent are students, and the latter 2.06 percent are retired. Moreover, traders with a background in IT sector account for 15.05 percent traders while 8.48 percent belong to the finance industry.
The Crypto industry is still emerging, but while it grows, equal participation from women will only strengthen the crypto ecosystem. At present, the crypto industry does remain a male dominion, but women are swiftly catching up.
How can one encourage a higher level of women participation in the crypto sector? Share your views in the comment section.