If a Glass Slipper Doesn't Fit, Smash It: Debunking the Myth of Gender Equality in Crypto

It’s no surprise that cryptocurrency has long been known as the “boys’ club”: It sits at the intersection of technology and finance, continuing a tradition of “bro culture” codified in Silicon Valley and Wall Street. Citibank did not name its first female CEO, Jane Fraser, until 2020. Since then, the first woman has gone on to lead one of Wall Street's largest banks, a milestone in Citibank's 200-year history and a milestone in Wall Street's own history.

But at the same time, frequent cases of sexual harassment at leading tech companies, such as Riot Games, suggest that women simply don't belong there. Just four years ago, the 2018 North American Bitcoin Conference held an infamous networking event at a Miami strip club. While organizers later said they regretted choosing such a venue, the story was just one of many in the history of the crypto industry that diminished the role of women in the industry.

The perception that the crypto industry is more male-dominated clearly needs to change, and that’s evident in business. An inclusive crypto ecosystem not only broadens its appeal to a wider audience, but more importantly, helps bring the crypto industry into the mainstream. While there is no shortage of women interested in crypto, and there is no shortage of female talent in the crypto space, the most outspoken crypto traders and influencers tend to speak to a male audience simply because they are male. In fact, the Top 50 global encryption industry figures selected by CryptoHead in 2021 are all men-since there are no women at all, this is a serious gender imbalance.

Data speaks louder than slogans

Women still suffer from the residual ethos of a male-dominated financial ecosystem, whether it’s hurdles in personal finances or obstacles on the way up the corporate ladder. All 12 crypto tycoons on Forbes' 2021 Billionaires list are men. While this could be attributed to a first-mover advantage, Amber Baldet, the former head of JPMorgan's blockchain program, believes that women's work in shaping the industry has not been publicly recognized due to inappropriate media coverage.

At the same time, women-led projects are getting less and less support. While 2021 hits an all-time high for total crypto VC funding, the percentage of female VC funds has shrunk for the second year in a row.

The reality is that the crypto industry is still a nascent industry, so everything including HR processes is new, and the lack of diversity furthers the industry’s awareness of necessary workplace policies that best support women. As the conversation about gender disparity in the crypto industry continues to deepen, the solution must go beyond fighting for diversity quotas to make it happen, and focus on ensuring women have equal opportunity and a supportive work environment, starting at the hiring stage.

Why empowerment is necessary at every stage

When key female executives are appointed for their expertise and industry experience, it is certainly an encouraging sign that the crypto industry is indeed trying to close the gender gap. It's time to recognize and reward female talent, instead of falling into lazy clichés and cheap victories, celebrating purely for diversity. Women are taking on more prominent leadership and entrepreneurial roles in the crypto space, but more needs to be done to break down the stigma of women in crypto being locked into influencer stereotypes.

Role models lead to new role models - showing more representation of women in the industry will go a long way in encouraging young women who want to enter the industry. But for women to be supported at every stage of the crypto career, it’s important to consider the wide-ranging, entrenched gender inequalities that continue to limit their ability to succeed in the workplace.

Globally, women spend two to ten times as much time as men in unpaid care work. This can include household and care responsibilities with a focus on children, the sick and the elderly – areas that many companies underestimate. Giving women greater flexibility and control over their working hours, for example, is only a small step towards success, and cryptocurrency, as a globally distributed industry, can undoubtedly facilitate this flexibility.

However, the key to the success of the crypto industry lies in realizing the promise of cryptocurrencies as free social and financial tools. It has the potential to redefine the financial industry economically and culturally, as it is a gateway to financial freedom and can remove the ancient power structures of the traditional financial industry. Unless there are more initiatives advocating the fundamentals of cryptocurrency, with more women and more community involvement in the crypto space, it's fair to say that it's men who "just don't get it."

Create a level playing field for financial inclusion

Cryptocurrencies have a lot to offer the economically underserved, and women are more likely to be disadvantaged than men in this space. Women make up 55% of the world's unbanked population — meaning nearly 1 billion women worldwide have little or no financial security, and cryptocurrencies can help with that.

Naturally, the anonymity afforded by blockchain technology and the autonomy afforded by decentralized finance (DeFi) make cryptocurrencies an attractive solution to the lack of financial access many women face. Want to make a living for yourself, but even if you get paid, social constraints limit financial autonomy? Cryptocurrencies can help you get paid in Bitcoin (BTC). Activists like Fereshteh Forough and Roya Mahboob helped hundreds of Afghan girls who had little control over their finances regain financial control. Want to start a business? Accept Cryptocurrency Payments - No Husband Required.

Decentralization and Elimination of Discrimination

All technologies are inherently neutral by design, and this applies to blockchains as well. It doesn't care about your age, gender, race or socioeconomic status. The prospect of overcoming systemic challenges, and of cryptocurrencies providing greater financial freedom and independence, couldn't be better.

In fact, 2021 is a decisive year for female investors. From cryptocurrency exchange Robinhood reporting a 369% increase in its female users, to Cardify reporting that women accounted for more than 15% of total cryptocurrency deposits (a significant increase of 5.6% compared to the previous year), women are clearly becoming more aware to the potential of cryptocurrencies as tools of financial empowerment.

When women have financial freedom in underrepresented communities or on boards that need more diversity, everyone benefits. Finally, in the process of the industry coming together to address the gender gap and demonstrate that cryptocurrencies are an integral part of the future everyone is looking forward to, whether it’s encouraging women to see cryptocurrencies as an effective path to financial empowerment, or advocating for crypto Gender diversity in the industry still has a long way to go.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.