The cryptocurrency space has, up until now, been dominated by men. Why is the case remains unclear, but the trend looks like it is about to disappear in the near future. Research from London Block Exchange (LBE) now shows that the number of women trading in cryptocurrency is on the rise — and it is rising rapidly.
The increase in female traders is not only a positive thing for gender equality in the cryptocurrency space but the research also pointed to some unexpected benefits. Could women in cryptocurrency help stabilize the highly volatile market?
The number of women trading in cryptocurrency doubles
In just the last six months, the number of women trading in cryptocurrency has more than doubled. What used to be a minority of 6% has now grown to 13%, which means that one in every eight women are interested in cryptocurrency trading.
Another finding produced by the LBE was that of the women interested in cryptocurrency trading, the majority were Millennials. This is a trend common to most new technologies. Younger generations tend to be faster movers when it comes to new and emerging trends, and cryptocurrency is no exception to this.
Whilst one in eight women overall are interested in cryptocurrency, this figure climbs to one in five when only looking at the Millennial generation. The LBE notes that their research has been concentrated on a small number of countries and demographic groups, but that the findings could be indicative of a wider trend. Agnes de Roeyer, who is a senior business analyst at LBE, said the following:
There’s still a common misconception that cryptocurrency is a game for men, but we’ve seen hundreds of women sign up for our exchange in the last few months and some of the most inspiring and knowledgeable investors, leading the way in the industry are female.
The number of men in cryptocurrency is declining
On the other side of the coin (pun intended), the research by LBE also shows that there has been no increase in men’s interest. Although it is too early to say, it could indicate that the number of women in cryptocurrency will rise even further and even out the playing field between the two genders.
The research also had some interesting points when it came to women’s advantages in cryptocurrency trading. One of these were women’s higher aversion to risk, which means that they are less prone to make the wrong investments. As opposed to their male counterparts, female traders are also less affected by FOMO — the fear of missing out.
More women in cryptocurrency could be good for the market
The analysts from LBE are generally optimistic about their findings. One of the possible reasons for the highly volatile cryptocurrency market is irrational decisions made by many of the traders. This could be why the value of cryptocurrencies like Bitcoin has fluctuated so much in the past year. Female traders, with their calmer mindsets, could very well help stabilize the market as a whole, according to LBE.