Gender Imbalance and Wage Gap in Crypto
Cryptocurrency was created with the goal of increasing financial inclusion and empowering people. However, does this mean that the industry is perfectly balanced in terms of gender? Turns out, not quite. Despite the fact that cryptocurrency has been around for many years, there is still a clear disparity between male and female participation in the industry, with men dominating both the ownership and entrepreneurial roles. So, what are the gender biases in crypto?
Women are Crypto Owners
Gemini’s *Global State of Crypto 2024* report finds that the gender gap in crypto ownership is not only real, but will become more pronounced in 2024 than in 2022. The proportion of women participating will decrease from 42% in 2022 to 31% in 2024.
The study also found that both women and men are more likely to buy crypto for long-term holding, particularly in the UK, where more women than men hold crypto for more than a year. However, the report only surveyed 6,000 adults from five countries (US, UK, France, Türkiye and Singapore), which does not fully reflect the global situation.
Crypto companies have great potential to expand their user base by attracting more female investors, but this requires paying attention to the needs and preferences of women in the space.
Women in the Industry
The gender gap is even more pronounced in the crypto workforce. Research by Forex Suggest shows a serious gender imbalance, with only 3 of the top 50 crypto CEOs being women. The most prominent female leaders include Ola Doudin (CEO BitOasis), Ambre Soubiran (CEO Kaiko), and Simone Maini (CEO Elliptic), but none of them are based in the United States and do not have the same high profile as the top male CEOs.
The pay gap is also a contentious issue. Forbes’ *Web3 Financial Compensation 2024* report found that women in Web3 earn 46% less than men, a gap that is much larger than in traditional finance. However, Pantera Capital offers a different perspective, reporting that women in the crypto industry in the United States actually earn 14.67% more than men. This may be because women tend to hold more senior positions with more experience than men.
The Impact of Women
There is no denying that women have made important contributions to the crypto industry. Some notable examples include Senator Cynthia Lummis and Caitlyn Long, CEO of CustodiaBank. Both are influential figures in shaping crypto policy in the United States.
Cynthia Lummis has been an advocate for Bitcoin and cryptocurrencies since the 2010s and is now playing a key role in shaping the future of the cryptocurrency industry in the US. Meanwhile, Caitlyn Long has been actively involved in building a crypto-related banking system, bringing a fresh vision to the financial market.
In addition, Hester Peirce of the US Securities and Exchange Commission (SEC) has also played an important role in creating a more flexible regulatory environment for cryptocurrency companies.
Overall, although there are still many challenges, with their capacity and dedication, women are increasingly asserting their role in the cryptocurrency industry. This trend will continue to grow, opening up more opportunities for women in the future.
