WHY AREN'T WOMEN INVESTING IN CRYPTOCURRENCIES?
The tech bubble has been known for its gender inequality and the newest cryptocurrency trend seems to follow suit
by Hrishika Maniar
Cashing in on crypto is all the hype right now. Whether it’s buying some Bitcoin or trading some Tron, there’s an opportunity for everyone.
Yet, only 3% of all cryptocurrency investors are women. They’ve made strides through history; from the suffragette movement 100 years ago, to the more recent, gradual closing of the pay gap and broadening careers. So why aren’t they investing?
Is it the patriarchy, back at it again? Or is it logical reasoning?
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Women might avoid taking risks with cryptocurrencies because of their wild volatility, and the security scandals that have 8plagued them. For example, in Bitcoin’s early stages in 2014, 850,000 BTC were stolen from booming trader MT. GOX, leading to a loss of $450billion, and ultimately its bankruptcy and collapse.
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Sophia Ellis cites unreliability as the main reason she won’t invest. “People are putting value on this thing generated out of nowhere. That’s how physical currency came about too, but it’s different. Cryptocurrencies lack the same properties as established currencies lying in a physical realm," she says.
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It’s also likely that the prospect simply isn’t attractive enough for women. Cryptocurrencies have male-dominated roots, the influence of which they have failed to shake. Springing from PC gamers, they were propelled into popularity through sites such as Reddit and 4Chan, which have a majority male audience.
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Ultimately, as with all investment, risk is imminent. L.A. says "Crypto[currencies] are one big bubble, only invest money you’re willing to lose." Perhaps the prospect of investing in cryptocurrencies needs to be made more attractive to women.
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This doesn’t mean that the non-physical currency should be painted pink, rather that more women need to break the mould and start a trend for others to follow. "If a woman can [invest], there’s no reason why she shouldn’t do or try," says Sophia Ellis.
Some may blame the lack of female role models in the field. 19-year-old Sophia Ellis chooses not to invest in cryptocurrencies, instead capitalising on established, physical currencies:
“The only reason I got into it was because a guy from my high school believed in me, gave me books, and all the help I needed.”
Others have attributed it to the predisposition of women to take less risks than men. L.A, an 18-year-old male, has invested in 8 different cryptocurrencies. His initial investment grew by 1000% within 3 weeks. He says, "there is no reward without risk".
