Crypto Is a Bro Fest (and That's a Problem)

By NYC Adriana | Crypto Portal | 22 Apr 2021


From crypto forums to the leading YouTube personalities, it’s impossible to deny that the field is still very much a boys’ club. As one female investor put it, “I can’t take the Reddit subs anymore because most of the blogs are full of testosterone-soaked bros.” Another was even more blunt: "It's a sausage fest. I talked on a panel at a meetup the other day and it was like 40 dudes and me."

CoinDance, which tracks stats on the Bitcoin community, found that most engagement was from men:

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But does it matter? Well, yeah. Cryptocurrency and blockchain promise to wrest monetary control from governments and provide greater financial freedom. But so far it’s men that are benefiting the most. If we have the opportunity to forge a new financial system, why should it be the same old boys’ club?

WHY IS IT UNEVEN?

So why do men take up more space in the crypto world?

  • Risky business: Crypto investing is famously risky. And social psychology tells us that women are less risk-taking than men. Anna Dreber, economics professor at Stockholm School of Economics, cited a study that showed a 64% probability that a random man would be prepared to take more risk than a random woman.
  • Geek squad: Let’s be real, crypto draws some of the geekier parts of the tech and finance industries, both male-dominated. In tech alone, men outnumber women at a rate of 3:1 in US employment figures. 
  • Info flow: On top of this, a lot of info about crypto is shared in communities like Reddit and YouTube and the most visible voices in these realms are male. Of course, it doesn’t matter if you get advice or intel from a man or woman—but if women don’t “see” themselves in the space, they may not be as willing to dip their toes in.
THE FUTURE IS (A BIT MORE) FEMALE

As cryptocurrency becomes more mainstream, there are signs that more women are getting involved. While the numbers in the crypto world may still be skewed, we know that blockchain technology can empower women across the globe, who are typically among the most under- or un-banked and marginalized in their communities. It encourages ownership and independence outside of patriarchal family structures and financial systems and promises to make transactions to family and across borders easier.

WHY YOU SHOULD CARE

If you’re a crypto bro and you don’t care at all about getting more women involved, consider this: Having more women in the space will boost the market cap. So it benefits you and your holdings to support female participation.

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If you’re a woman looking for role models, there are many inspiring leaders, like Wall Street veteran and crypto evangelist Caitlin Long, the CEO Elizabeth Stark who is spearheading efforts to make Bitcoin payments faster and cheaper, and former Forbes journalist Laura Shin who hosts the popular UnChained podcast. Hell, even female celebrities (hello, Paris Hilton and Lindsay Lohan) are getting behind cryptos and NFTs.

The tide, it seems, may be turning.

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NYC Adriana
NYC Adriana

Writer, editor and crypto enthusiast from New York City.


Crypto Portal
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