There is a bustle in the cryptocurrency world. It was once – not unfair – as a boys’ club, in 2020 more women used bitcoin (BTC) and other cryptocurrencies than ever before. If the trend continues, we will see the long-awaited flow of women into space.
A recent Gemini study found that women’s investment in cryptocurrencies has increased by 20% in the last year among a representative sample of UK investors at the national level. Among those planning to invest in cryptocurrency, 40% are women. The trading platform Cryptocurrency eToro also reported a sharp increase in female subscriptions to the site during 2020, with female subscriptions increasing by 366% compared to an increase of 248% for men.
About the topic: The number of women in cryptocurrency and blockchain will grow in 2020
While the numbers indicate an encouraging diversity in coding, we are far from gender parity. EToro data show that only 15% of bitcoin traders are women, and that progress in this area is still largely marginal. Investment activity in the air (ETH) among women increased by only 1% during 2020, from 11% to 12%.
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Bitcoin is the world’s leading decentralized digital currency. It democratizes finance and allows the historically deprived traditional banks to have equal access to capital without intermediaries from the custodian institution. By moving away from financial intermediaries such as banks that control the flow of capital, owning bitcoin can allow you to have full control over your finances, enjoy greater security and avoid inflationary pressures and fees imposed by traditional financial institutions.
In emerging markets, and especially since the COVID-19 pandemic, Bitcoin has been adopted by users who have warned of economic instability in their countries, falling national currencies and strict restrictions on international money transfers. Bitcoin is in high demand as a safe asset for users to send international payments – either in the form of transfers to households abroad or for daily transactions – as well as to protect assets against economic downturns in their own countries.
Is financial inclusion coming?
It is difficult to overestimate the benefits of cryptocurrency for women around the world. Women around the world continue to struggle with economic powerlessness and make up the majority of the world’s poor.
The disproportionately strong impact of poverty on women is the result of a complex network of factors, including women’s inadequate financial skills and relationship dynamics that deprive women of access to family benefits. The National Coalition Against Domestic Violence reports that at least 94% of women who are victims of domestic violence have also experienced financial violence, with one partner controlling access to the other’s financial resources. Currency decentralization creates enormous opportunities for historically voluntary groups over traditional banks, and breaks the old cycle of financial deprivation.
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For mass adoption
The Bitcoin beef market this year has brought Bitcoin into the global scene like never before. The influx of popular investors such as Tesla, the growing acceptance of Bitcoin on Wall Street, rising prices, the volatility of the traditional economy, and even the recent GameStop saga have all raised the usual awareness of Bitcoin.
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Taken together, these factors have contributed to the observed demographic shifts, but if Bitcoin is to achieve massive adoption – high retention rates with extensive use of payments for goods and services – everyone must get involved. Until half of the population uses it, the coin cannot reach its full potential.
According to Coinbase, 39% of millennial women say they would be more interested in cryptocurrencies if they knew it could make financing easier. Women’s societies in cryptocurrency can play a major role in the dissemination of knowledge. Groups of women are already appearing in space – at conferences, at universities and on social media. More female voices will strengthen our ideas, create a strong role model for future generations and strengthen our presence in boards and leadership positions.
The latest technological innovations make Bitcoin investing easy to use for a growing population, thus transforming the Bitcoin investor profile and bringing cryptocurrency into the mainstream.