While cryptocurrencies have traditionally been dominated by men; Female participation is constantly growing around the world. Several companies in the crypto ecosystem still show a lack of progress in terms of equity and social inclusion.
Since their emergence, cryptocurrencies have promoted financial inclusion and equal access to economic services. However, one aspect that analysts often leave aside is the participation of women in this ecosystem.
The data seems to be encouraging. While cryptocurrencies have traditionally been dominated by men; Female participation is constantly growing around the world, already having outstanding examples in countries like Colombia and Spain.
Female Interest in Bitcoin and Cryptocurrencies Increases
By the second half of 2023, there was a notable increase in cryptocurrency transactions made by women. These reached 27% of the total, according to a recent report from Bitso, a Mexican exchange.
In Colombia, women represent 34% of cryptocurrency users, showing an even more marked trend. In Spain, women lead in diversity of cryptocurrencies in their digital wallets, with an average of 5.2 cryptocurrencies compared to 4.9 in men.
The growth in female participation reflects a global cultural and economic change. Also highlighting the importance of promoting the inclusion and empowerment of women in the cryptocurrency industry to build a more equitable and sustainable financial future.
Beyond Demand: Gender Inequality Widens on the Supply Side
A study conducted by the Boston Consulting Group (BCG) in collaboration with People of Crypto Lab revealed a notable gender gap in Web3 startups. According to figures collected, only 13% of founding teams include a woman. This data is worrying and points to the persistence of imbalances in gender representation in the emerging technological field.
Research suggests that although Web3 companies are developing innovative technologies such as metaverse, blockchain and cryptocurrencies, internally they show a lack of progress in terms of equity and social inclusion.
Despite being immersed in the technological forefront, these companies seem to be lagging behind when it comes to gender diversity.
Among the 13% of companies that include a female founder, only 10% have mixed teams of men and women. Based on this, only 3% have exclusively women’s teams. The low percentage of female founders at Web3 startups raises serious questions about the true nature of innovation and progress in this sector.
If these companies cannot overcome gender barriers and offer equal opportunities for all, they risk perpetuating the same biases and inequalities that characterize the physical world.
How Can Bitcoin and Cryptocurrencies Empower Women Unlike Traditional Banking?
In a recent study by Queen Mary University of London on sexism in the financial services industry, it was revealed that women face significant barriers in accessing leadership roles and investment opportunities at traditional financial institutions.
This sexist trend is also present in the US and possibly in the rest of the G20. However, cryptocurrencies offer a more inclusive and accessible space, where women can actively participate without the structural limitations present in conventional financial institutions.
From a consumption point of view, decentralization in cryptocurrencies allows a greater degree of autonomy and control over financial assets, which, in turn, empowers women by providing them with greater independence and decision-making capacity in economic matters.
Cryptocurrencies offer more democratic and accessible investment opportunities, allowing women to participate in financial markets that have historically been inaccessible to them.
The ability to buy, sell and exchange digital assets globally and without geographic restrictions provides women with the ability to diversify their investment portfolio.
By Audy Castaneda
