Crypto for women? What are we missing?
As crypto recruitment specialists, we know it’s a fact that there are fewer women in crypto than men. We all want to know why there is such a significant gender gap in the cryptocurrency industry and see the situation turn around in the future.
Most companies hiring for crypto positions are open to receiving applications from qualified women. Still, we can currently count on one hand the number of female applicants we receive for crypto, NFT or blockchain positions.
You could say that crypto is still relatively new. In addition, the mass public still has an element of scepticism about the industry, primarily based on the crypto trading market’s unpredictable price swings.
Can women have a career in cryptocurrency?
A large majority of people believe the crypto bubble has burst. Moreover, they cannot, or do not want to, believe that blockchain technology and cryptocurrency have a future, especially as a career. We know that not to be the case. Today, more companies are adopting blockchain technology and the demand for blockchain developers is increasing.
In addition, there are currently more positions available than top talent candidates. The hiring market is inclusive to everyone and wide open for women to step into the crypto spotlight and take advantage of the exciting opportunities for a career in the crypto space.
Still, many female outliers lead the way for other women by embracing cryptocurrencies.
For instance, Charlene Fadirepo founded a fintech platform in 2019 with the mission to create a platform for women (and people of colour) to find a reputable financial advisor. She says, “It’s so important for women and people of color to be a part of crypto and blockchain right now because we’re building the next generation of the financial ecosystem.”
There are several reasons why there are fewer women in cryptocurrency. This post highlights five factors limiting women in crypto: –
1. Women in crypto consider it a hobby, not a career
At first, few people took cryptocurrency seriously, and many started investing or trading cryptos as a side hustle. Moreover, cryptocurrencies attracted young males under the age of thirty-five and only a few women. We want to think equality between the sexes is balanced, but women still take more responsibility for caring for the household, children, shopping and cooking, etc.
Learning about cryptocurrency can be challenging when you’re already juggling many other things and don’t have the time to start a side hustle that could lead to training for a crypto career. According to a gender data study from Fool.com, only 18% of women said they had a side hustle they believed could lead to a full-time job. Data also suggests that men have more control over their time than women.
The trick is convincing women that crypto isn’t necessarily a side hustle and, with commitment and training, can lead to a full-time, lucrative career. One of the top women in crypto is Camilla Russo, an author and journalist who wrote “The Infinite Machine: How an Army of Crypto-hackers Is Building the Next Internet with Ethereum.” Camilla has a Master of Science degree, has spoken at some of the top cryptocurrency conferences and done multiple radio and TV appearances. She’s a beacon of light for introducing women in crypto.
2. Women in crypto stats highlight a male-dominated industry
The current narrative in the crypto job space is the introverted, young, white male, 20-30 years old. He’s a tech nerd, socially awkward but a genius at understanding and creating the next “big thing” in crypto. He’s a sought-after candidate for top talent crypto positions and an entrepreneur for start-ups.
Where’s the space in this narrative for women? We cannot assume that women can’t gain technical skills and qualifications. Most cryptocurrency roles require a Bachelor’s or Master’s degree in computer science or information technology, and many young women are achieving these qualifications.
3. Women in crypto aren’t encouraged to take risks
Women in crypto day trading take fewer risks than men. They are naturally more risk-averse, and that’s not a bad thing. The crypto market is an unpredictable rollercoaster with significant highs and lows, but, in most instances, it isn’t relational to the crypto job market. Women are just as determined and capable as men in similar circumstances, such as high-risk sports.
If we want to encourage more women in crypto, NFT, Web3 etc., it requires a shift in societal expectations, beliefs and assumptions about women working in cryptocurrency. The first step is to accept that, in time, more women will enter the cryptocurrency space and eventually work alongside the top women in crypto.
4. Cryptocurrency roles need technical skills
Men dominate the computer science, finance and crypto industries. In hard sciences, college majors in engineering, computer science, and physics still have only one woman to every four men. The reason for that may again come back to societal norms. Boys are encouraged to do well in maths and the sciences—schools channel girls to mastery of soft skills. Gender norms still dominate our societal conditioning.
Still, we’re assuming that all cryptocurrency roles require hard skills, which isn’t the case. Artistic women in crypto NFTs are creating pieces of their own. For instance, Maliha Abidi, a female artist raised in Pakistan, in mid-2021 launched “Women Rise“, a collection of 10,000 NFTs to “celebrate women in Web3 and bring more women into the space.”
Women crypto writers are becoming more commonplace (for instance, the author of this post ), and slowly, women are changing the male-dominated narrative in the crypto space.
5. Cryptocurrency marketing alienates women in crypto
Many cryptocurrency platforms promote the aspects of anonymity, which is fine, except it’s still heavily focused on developing male communities. A testosterone-filled environment with no accountability can be a red flag for women to avoid these spaces. Though adding a KYC policy to a decentralised industry is counterintuitive, if we want to attract more women in crypto, setting up more inclusive communities could be a step in the right direction.
Conclusion: Why aren’t there more women in crypto jobs?
Inevitably, as cryptocurrency becomes mainstream, more women will join the crypto space. Therefore, as a few brave women step up into the industry, they’ll be the top women in crypto, paving the way for an army of women to become confident in embracing cryptocurrency as a career.
How to attract more women in cryptocurrency
Companies advertising crypto jobs can help by aligning their marketing message towards diversity. Moreover, women in crypto will be attracted to employers that acknowledge the benefits of hiring candidates with soft skills instead of focusing only on hard skills. Shifting the messaging hierarchy for the cryptocurrency industry can alter the overview of women in crypto.
Why do we need more women in crypto?
Whilst employers require candidates with hard skills, like the sciences, there is a place for staff with soft skills, including design, crypto writing, copywriting, marketing, etc.
Is crypto only for men?
Not at all. It may appear that way currently, but as women become aware of the increasing career opportunities in cryptocurrency, blockchain, Web3 and NFTs, we anticipate seeing a rise in female applicants. For instance, 50% of the employees are female at the cryptocurrency exchange, Binance.
Are there any female crypto influencers?
There are growing numbers of female crypto influencers. The below list is a small cross-section of women in cryptocurrency: –
- Blythe Masters: Blythe is a Wall Street Veteran considered the first woman in the blockchain space and is an active leader in projects such as the Linux Foundation.
- Cathy Wood: Cathy is a crypto influencer with over one million enthusiastic Twitter followers. She is CEO of ARK Invest and is known for her expertise in spotting crypto trends.
- Cleve Mesidor: Following a career in politics, Mesidor started learning about cryptocurrencies in 2016. In less than a year, she was immersed in cryptocurrencies full-time. She is a leader for the National Policy Network of Women of Color in Blockchain. She is also an executive director for the Blockchain Foundation. Mesidor says, “Right now, crypto may appear male dominated, but the future of crypto is gender and racially inclusive.”
- Elizabeth Stark: Elizabeth is an experienced crypto trader, advisor for several blockchain companies and CEO of Lightning Labs. Elizabeth has many thousands of Twitter followers.
Are there any female-founded cryptocurrency projects?
According to Blockwiz.com, the tables are turning for women in crypto. Between 2012 and 2018, women founded or co-founded only 8.5% of crypto start-ups. Today, the number of women crypto founders are increasing: –
- Olayinka Odeniran founded the Blockchain Council in 2018
- Amy Matsushima founded Women of Crypto, a 3D NFT avatar collection
What is the future of women in cryptocurrency?
Women are gaining a foothold in cryptocurrency and becoming integral to the ever-expanding crypto community. A growing number of top women in crypto are influencing the drive to introduce more women to cryptocurrency.
In the future, women will likely play a significant role in the adoption and growth of blockchain technology and the crypto space. CB Recruitment anticipates that careers in the crypto space will increasingly become sought after by women.