One of the main pillars of crypto has always been a decentralized and democratized financial system. But the male-dominated crypto industry has never really been seen as a space for women and has always been contrary to its founding principles.
Thankfully, this is changing. Recent data from exchanges and other crypto companies in India provides a glimmer of hope. It is reported around 20 per cent of crypto investors in India are women, but the numbers still show a significant gender gap.
However, the interesting fact in all of these reports is that in terms of new investors, women seem to be giving men a run for their money and most platforms have seen a phenomenal increase in the number of women registering and investing on these platforms.
This is not just limited to investing. Women are coming on board the platform as creators, builders, influencers and founders too.
This sharp rise in the number of investors indicates how young women investors are increasingly shifting from traditional investments like gold to crypto.
So, what is driving this shift?
There isn’t one but multiple reasons behind this. A major reason is the growing awareness of crypto as technology and people realising how investing in Bitcoin and crypto has long-term potential. There is also broader awareness among women on the importance of financial independence.
In India, it is not that women were strangers to investing. But, traditionally, they have stuck to investments in gold and silver. However, with the increasing crypto awareness, they have also started understanding the convenience involved in buying and storing digital assets online.
The higher returns that crypto provides have also resulted in women bringing their friends and family into investing. Some have also started trying their hands at NFTs and other digital assets.
The increased internet penetration in the country has also caused a decline in data inequality, contributing positively to this change.
The crypto industry has also taken upon itself to recognize and reward talent without bias. This has resulted in a small but growing number of women in senior positions in Indian crypto startups.
As the crypto industry matures, there is also more regulatory clarity globally and new, emerging use cases and markets for the industry. This has given several women the confidence to emerge as entrepreneurs – holding influential positions in the Indian and global crypto ecosystem.
It is my sincere hope that this isn’t just a short-term trend but just the beginning of an influx of women into the industry. The small group of women are trailblazers, paving the way for others in crypto despite all of the challenges that they may face.
As more women join the crypto ecosystem, this results in increased influence and eventually benefits being passed on to women everywhere in the long-run. This would also allow for gender diversity and inclusion in the sector and provide opportunities for women working in this sector.
Women playing key roles as industry leaders is still some time away, but this would shift the scale and result in a better balance in the ecosystem. This balance would help result in more viable ways for women on their way to financial freedom.
Regulators also need to ensure that the crypto space is inclusive and diverse. This would bring positive changes to all aspects of the crypto ecosystem and help build a better and brighter future.
(Mohammed Roshan is the Founder and CEO of GoSats.)