Some people will dismiss this article by the title alone. Crypto companies should not.
For crypto to reach mass adoption, it cannot afford to ignore anyone. This is most glaring in segments that represent a significant portion of the population. Even though the industry aims to be an all-inclusive space, it is being adopted by different segment audiences at different paces.
To address this issue, it is certain the need to create communication outlets and messages addressing those who are not only new to the ecosystem but also have different interests in blockchain. Women are undoubtedly one of such under-reached and misrepresented segments.
The obvious question for any company is, are you really taking care of all the potential audiences in blockchain?
Women in Cryptocurrency
The mathematician Ada Lovelace (1815-1852) created the first algorithm designed to be processed by a machine. In concept, Ada invented computing and got the ADA token from Cardano named after her, by a bunch of guys — almost two centuries later. Women are in crypto but is the market actually paying the right kind of attention? When looking at a recent study published by CoinMarketCap, only 26% of CMC’s users are women. The predominance of men in crypto, however, has been steady and relentlessly being challenged since 2020.
The crypto world is not only for men, and although the presence of women in the space has been virtually invisible, the emergence of DeFi and NFTs is making women’s presence palpable and pointing to the need for a more inclusive industry, truly.
It is around this expansion that social groups for women in crypto have been born, where conversations regarding their likes and viewpoints about the functioning of the ecosystem differ from those shared in male-dominant chats.
As of 2020, the number of women in crypto has increased significantly within the total population, to the point that they have become a group of the active community to be considered in marketing and product development in crypto. As we have different figures from varied sources the actual rate may be difficult to ponder though but the trend is faster than the sector’s average. This concurs with the fact that the crypto sector is growing greatly in the number of users and market cap. The growth of female crypto users joining the space should be considered by every crypto company, in that they should put more effort into listening to women’s opinions and addressing their wishes and needs.
What Women Want and Don’t Want
Naturally, there are elements common to all crypto investors, but what is particular to the female audience in this space? What attributes define the crypto-woman most?
Meet the Crypto-Woman
Most women in crypto are Millennials and Generation X, with the most frequent age between 25 and 35 years old. The age range suggests looking into certain behaviors, without necessarily tending to gender divisions. Besides looking at specific age aspects, we shouldn’t overlook what attracts women to join the crypto world more precisely.
Crypto making it to the news and the influence of people close to women is considered to be what sparks an interest in them. This may explain the emergence of YouTubers who speak from a female perspective of crypto-related topics.
Moreover, this already tells us which channels we should pay more attention to in order to have an effective impact on this population.
Needs and Demands
Women in cryptocurrency are mainly attracted to the financial aspect of them and, although not so often, by the technical side of blockchain. Therefore, financial gains are the main incentive for them entering this space. On a wider scale, the freedom and independence that this entails are unprecedented with the emergence of a decentralized and anonymous economy model present in DeFi.
How do most women participate in the cryptoverse? How do they manage the unavoidable risk? They often HODL crypto or manage medium- and long-term investments. In general, short-term trading is not an appealing activity for them.
Moreover, they prefer to invest in assets proven to be useful and beyond momentary speculations. Women in crypto rely on the technical analysis and the soundness of the project against competitors, and they value the existence of a community that supports them. They are also more inclined to invest in projects with large amounts of funding or that enjoy wide social recognition.
Women, when making crypto investment decisions, are especially concerned about falling victim to FOMO. They consider the crypto world to be embedded in a web of complexities, made-up terms, idioms, and jargon that create an unnecessary barrier that discriminates against new users.
The Right Point in the Right Way
In terms of communication, women in crypto consider the cryptoverse a man’s world made for men.
Despite the growth of women’s participation in the crypto market, there are still some challenges. Leadership has traditionally been an aspect where women haven’t been assessed equally with a lesser representation that amounts scarcely to 5%. This data however pose the question of whether women will soon attack how crypto grows, enriching the ecosystem with a new perspective in innovative projects.
As an innovative sector crypto is an easier field for women to bloom their businesses freer of stereotypes. So, is your company communication compatible with the upcoming decision-makers that define the industry and the market?
Women don’t feel comfortable joining public communication channels revealing personal information, such as it happens on Telegram, because of how it exposes them to harassment. This should incentivize companies to explore ways of creating safer communication spaces for users that are not identified as men. It’s time for crypto projects to not only acknowledge but make crypto for women and other social groups a place to be.
It is not all about appearances and first impressions. Just as a company shouldn’t be judged based on how colorful its website is, it is also rash to make conclusions about clients or executives based on their gender alone. At AmaZix, we are committed to helping you grow your business beyond clichés. Let’s work together.