Bitcoin’s a club of boys, and that could be a problem according to Duncan Stewart, research director of Deloitte Canada’s technology division.
More than one surveys reveal that women are underrepresenting in the world of cryptocurrencies. The fact that men dominate cryptocurrency world is itself a bubble.
“There are studies out there that suggest men are predisposing towards bubbles in a way that women are not.”
Google Analytics results show that men constitute 96.57 percent compared to only 3.43 percent women in crypto.
“It isn’t merely that the value has risen as far and as fast as it has; it’s the fact that it’s 97 percent men — that is, in and of itself, a potential danger sign. There are studies out there that suggest men are predisposing towards bubbles in a way that women are not”.
Stewart says in a post there is no other security, currency or asset class in history he can think of that shows a similar extreme nature of gender divide and which has been sustainable.
He, however, believes that the gender divide will wane with time.
“Either it is a bubble, or it does turn out to be a real important currency that people use for the purchase of legal goods and services and as a store of value,” he said. “If that happens, women will show up to the party. Late, in this case, but they will show up.”
It is well documented that female investors have lower risk tolerance. In other words, the line of thought is that because women are more cautious with their money than men when making investments but tend to outperform their male peers, their lack of involvement in crypto shows that crypto is risky.
He says he noticed women shying away from tech stocks investments that men were heavily investing in, during the dot-com boom and bust in the early 2000s as an award-winning technology fund manager on Bay Street.
“Maybe they ‘got’ it better than the men did all along,” Stewart said.
But cryptocurrencies are only a relatively new thing in the world economy and like in many other fields; it is expecting that more women will slowly get in. Again, cryptocurrencies have been very technical fields in the way everything is run, which could discourage more women in the past. This is given the fact that fewer women have been venturing into tech fields in the historical past.
Iliana Oris Valiente, who leads Accenture’s global blockchain innovation division, is an example of the few women in crypto scenes. She does not buy into the thought that lack of women in crypto itself creates a bubble.
“If we have primarily men involved in building the businesses and being the early-stage investors. However, they’re likely to share the new tidbits and the new deals with their own established networks.”
Though she is a trained chartered accountant by profession, she ventures into Bitcoin in as early as 2012.
“In 2014, when this commends to become a core component of my day job, I was regularly the only female in the room, period,” she says.
She says we are beginning to see more women get in though slowly. For instance, 13 percent of ICOs are now heading by women.
“They’re acting as compelling role models, and these role models are in need to encourage other women to potentially looking at this field,” said Oris Valiente.
She says the gender divide will reduce if there is a significant catalyst. She is reaching to other women to convince them to enter this field.