Is Crypto Only Worsening the Gender Gap?
Crypto is having a big moment right now, but a new study reveals that women might be getting left behind.
On Tuesday, cryptoasset service provider BlockFi released its inaugural Real Talk: Women x Crypto survey, which polled 1,023 American women between 18 and 65 years old. The survey shows that a gender gap might already exist within the asset class with only 9 percent of women saying they feel they understand cryptocurrency. More alarmingly, the survey uncovered that the gender gap in crypto could be far greater than in other asset classes.
“BlockFi’s research shows that the gender gap in cryptocurrency exceeds similar gaps in traditional investments, such as equities, exchange-traded funds, mutual funds or real estate,” the press release states. “BlockFi’s survey found that there is a major hesitancy among women to take investment risks; less than one in four women are willing to take on more than a small amount of risk when investing.”
Outside studies have found that women are not as confident as men when it comes to investing, despite the fact that women investors tend to see better returns than their male counterparts. A study done by SoFi and LEVO in 2018 found that 56 percent of millennial women say fear keeps them from investing, even if they’re interested in doing so. Apart from investing, multiple studies have found that many women tend to struggle with financial literacy.
“I have witnessed firsthand a hesitation around women discussing their financial health. I’m making it my personal mission to change the figures we’re sharing today,” said Flori Marquez, SVP of operations and cofounder of BlockFi.
The good news is that BlockFi’s study found many women are “crypto-curious” with 46 percent wanting to learn more about crypto investing.
“In order for more women to be empowered with knowledge on what crypto is and how it works, BlockFi is working diligently to provide crypto-curious women with an in-depth look on the inner workings of cryptocurrencies—from blockchain technology, the history and purpose of altcoins, to the benefits of alternative investing,” Marquez said.