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 at odds with its founding principles.
Fortunately, that is about to change. Recent data from stock exchanges and other crypto companies in India offers a glimmer of hope. It is reported that about 20% of crypto investors in India are women, but the numbers still show a significant gender gap.
However, the interesting fact in all these reports is that women seem to be giving men a hard time in terms of new investors and most platforms have seen a phenomenal increase in the number of women signing up and investing on these platforms.
It’s not just about investing. Women join the platform as creators, builders, influencers and founders.
This increase in investor numbers indicates how young female investors are increasingly moving from traditional investments such as gold to crypto.
So what is driving this change?
There are not one but several reasons for this. One of the main reasons is the growing awareness of crypto as a technology and people are realizing how investing in bitcoin and crypto has long-term potential. Women are also more aware of the importance of financial independence.
In India, women were not strangers to investing. But traditionally they stick to investments in gold and silver. However, with the growing awareness of crypto, they are also beginning to understand the convenience that comes with buying and storing digital assets online.
The higher returns of crypto have also encouraged women to bring friends and family to invest. Some have also started trying NFTs and other digital assets.
The increased internet penetration in the country has also led to a decrease in data inequality, contributing positively to this change.
The crypto industry has also taken it upon itself to recognize and reward talent without prejudice. This has resulted in a small but growing number of women in leadership positions in Indian crypto startups.
As the crypto industry matures, there is also greater regulatory clarity around the world, new use cases and emerging markets for the industry. This has given several women the confidence to become entrepreneurs – with influential positions in the Indian and global crypto ecosystem.
I sincerely hope this is not just a short term trend, but the beginning of an influx of women into the industry. The small group of women are pioneers, paving the way for others in the crypto space, regardless of the challenges they face.
As more and more women participate in the crypto ecosystem, this translates into greater influence and ultimately, the long-term benefits are passed on to women everywhere. It would also enable gender diversity and inclusion in the sector and provide opportunities for women working in this sector.
Women who play a key role as market leaders are still a long way off, but it would change the scale and lead to a better balance in the ecosystem. This balance would help give women more viable avenues on their way to financial freedom.
Regulators also need to ensure that the crypto space is inclusive and diverse. It would bring positive changes to all aspects of the crypto ecosystem and contribute to a better and brighter future.
(Mohammed Roshan is the founder and CEO of GoSats.)