Why women don’t engage with Cryptocurrencies as much as men

Interesting facts to bear in mind before reading further:

Only 29% of US Bitcoin investors are female.
96% of Coin Dance’s visitors, a popular crypto website, are male.
17% of all men have a positive view of BTC whilst just 7% of women do.
If you’ve ever attended a crypto conference, you’d have realised that almost everyone there is male.

So why are women less interested in cryptocurrencies than men?

For starters, they’re more risk-averse than men. This means that they’re less likely to make a speculative bet; which is what 90% of all BTC trades are. Throughout the growth of the dot-com bubble, male workers were generating higher returns as they were betting on risky yet high-yielding stocks whilst the women opted for low-risk safer options. Unsurprisingly, once the bubble popped, the female employees’ low-risk choices led to them outperforming the male investors. Duncan Stewart, the present director of research at Deloitte, revealed that once the dot-com bubble had popped, female money managers within his company were recognised and rewarded for their scepticism and tranquillity when approaching trades.

A study conducted by former Goldman trader, John Coates, found that the more testosterone you have in your body, the more likely you are to take risks. The average woman has 12 times less testosterone in their body than the typical man does. Even more so, when one’s testosterone-fuelled risks are successful, the body produces even more testosterone, making one want to take even more risks and buy even more speculative assets. Ever wonder why betting shops are predominantly populated by men? This is partially why. When their bet is successful, their testosterone is boosted, even more, increasing their greed and encouraging them to make riskier bets.

Furthermore, women are generally more sceptical about new and speculative things compared to men; hence, they’re able to clearly visualise the risk of the bet whilst men are often blinded by the potential returns. This blindness coupled with testosterone could have devastating effects. Throughout my research for this blog post, I’ve grown increasingly more worried about BTC’s price. Did Bitcoin rise from $900 at the start of 2017 to almost $20,000 by the end of the year because of it becoming more valuable; or has this hike merely been caused by testosterone incited greed? Obviously, it was not the sole cause, but has it contributed? Although there is no scientific evidence bolstering this idea, there’s a strong case that testosterone has indeed assisted the growth of cryptocurrencies.

This blog post is certainly not trying to promote the idea that only men will be interested in cryptocurrencies. The main reason people are interested in cryptocurrencies right now is the potential to make a hefty profit. Once this aspect fades away, the ratio between the number of men and women investing in cryptocurrency will balance out, because the utility and value of cryptocurrencies are equal for both sexes.

Notable Women in the crypto-sphere:

Elizabeth Stark – Elizabeth is one of the co-founders of the startup Lightning. Lightning aims to improve the Bitcoin protocol by creating payment channels between two parties. This aims to bring instant and almost costless transactions to the BTC network for those wishing to participate. Lightning is by no means obligatory for one to use.

Rhian Lewis – An extremely relevant crypto evangelist who right now, is dedicating most of her time to get more women involved with the world of cryptocurrencies. She founded the London chapter of the Women in Bitcoin organization along with a group of friends. She also regularly attends blockchain and cryptocurrency conferences as well as workshops.

Common Female Investor Habits:

Make fewer trades than men
Invest more time considering trades than men
Don’t panic-sell as frequently as men do.

Food for thought:

Think of an all-male market that has led to a bubble.
Then, try identifying one that has occurred in a female market.

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Disclaimer: This article expresses our personal opinions, predictions, and market speculations based on the way we interpret the information we have available to us. It is by no means to be considered expert advice. We take no responsibility/ liability for any actions taken by you based on anything we have mentioned.
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