It’s a women’s world! Bakkt commissioned a study that shows women are investing in cryptocurrencies and closing the gender gap. The paper, titled “Women & Crypto,” shows “women are now outpacing men as first-time purchasers.” No surprise there, if you’re paying attention. It’s useful to have concrete numbers, though.
A self-described “global regulated ecosystem for digital assets,” Bakkt stated its study goals as: “The gender gap in crypto has been well documented, but little data exists for how the industry can move forward in a more inclusive way.” The paper measures “awareness and attitudes toward cryptocurrency among women, who both own and do not own crypto, and, how it differs from men who own.”
The practical details of Bakkt’s study are as follows:
“The study surveyed 1,012 consumers including – 508 women who don’t own cryptocurrency but have basic level of awareness, 254 women who own crypto and 250 men who own crypto across the U.S. and was fielded in February 2022.”
Another important characteristic is that the study was “heavy-up in 25 to 44 age bracket recruitment for all 3 segments.”
Let’s go to the numbers and see what the company found out.
What Did Bakkt’s Data Show?
Even though this is a US-centric study and we might not be able to extrapolate the results to the whole world, the numbers are interesting. Bakkt found out that:
- Let’s hope this tendency continues for years to come. “Men were early crypto adopters, but women are now outpacing men as first-time purchasers. 38% of women made their first crypto purchase in past 6 months compared to 30% of men.”
- These excuses will sound familiar…“The top barriers identified by women who don’t currently own crypto include not knowing how to get started (52%), not understanding crypto utility (52%) and lacking extra funds to invest (49%).”
- Considering the state of the world, the surprise is that the percentages aren’t even higher. The “majority of men (69%) and women (54%) crypto owners say they plan to increase their holdings in the next 6 months.”
- There’s no rush. Everybody at their own pace. The “majority of women (61%) own less than $500 in crypto.”
DOGE price chart for 03/04/2022 on Poloniex | Source: DOGE/USD on TradingView.com
Crypto Owners Vs. No-coiners
There’s no substitute for direct contact. In this section of Bakkt’s study, the difference between male and female takes a back seat to the fact that no-coiners feel lost in the crypto world.
- Crypto owners feel like they know about the subject more than those who haven’t had hands-on experience with crypto assets. 70% of no-coiners rate “their crypto knowledge as low or very low, which compares to only 13% of male crypto owners and 22% of women crypto owners who rate their knowledge as low or very low.”
- Women no-coiners “select “confusing”, “risky”, and “scary” as top words to describe how they perceive crypto.” On the other hand, crypto owners of both sexes “share some of the same top words including: “opportunity,” “growth”, “bold”, and “revolutionary”
- In this female-only item, “82% of women who have purchased crypto say they are likely to purchase in the future, compared to only a third of” women no-coiners.
What are these people buying, though? According to Bakkt, “Both men and women crypto owners in the study reported their top coin investments as bitcoin and ether.” Here’s a chart that goes even deeper and mentions the Internet’s favorite memecoin, DOGE:
"Coin Ownership" chart | Source: "Women & Crypto"
Bakkt Isn’t The Only One. Other Recent Studies:
Were these papers produced to celebrate Women’s History Month and International Women’s Day? Probably so. And that’s great. Recently, BlockFi published the results of a similar study. Always ready, Bitcoinist summarized them as follows.
“The latest survey from BlockFi shows that women are more interested in cryptocurrencies than ever, with one-third planning on buying digital assets this year. Furthermore, 60% of these women say they will be doing so within the next few months.
The current survey depicts double women’s interest compared to the exact nature of the study conducted in September 2021, resulting in 29% of women showing interest in buying crypto next year.”
To close this let’s quote Nancy Gordon, Bakkt’s Chief Product Officer:
“Despite recent crypto volatility, there’s continued momentum for women’s crypto adoption and it’s reassuring to see that the barriers to entry can be overcome through education.”
Cheers to that.
Featured Image by Brooke Cagle on Unsplash | Charts by TradingView and "Women & Crypto"