Women in Crypto: How Much Do We Really Know?

The 8th of March is way beyond us, but here at Web Mind we don’t celebrate women only once a year. The number of women in Web3 is growing every day, they’re building communities per their liking, and bringing diversity into tech.
Today, on a regular Tuesday, we’re going to focus on women in crypto – their habits and opinions , and try to figure out if there are any glass ceilings left to be shattered.

Reading Time: 3 minutes

women in crypto

Illustration: MilicaM

What’s wrong with KuCoin’s report on women in crypto?   

If you search for women in crypto, you’ll usually find statistics that are outdated or very broad. Take this one for example: 

According to a TechCrunch report, anywhere between 15% and 55% of users on crypto exchanges are women. 

Isn’t that the same as if someone asked you for your age, and you replied – Anywhere between 20 and 50? 

Moreover, this cited report dates back to the beginning of 2021, and KuCoin still used it as relevant in 2023. 

But that’s not the only problem we have with the recent KuCoin survey

Namely, on the 24th of February they published a call for participating in the survey targeting women in crypto. The only problem is, this call was open for only four days (until February 28th). It’s obvious that they wanted to have the “study” published by  Women’s Day so that everyone could refer to it and fill their yearly quota of reporting on women’s rights. 

It was a win-win for everyone. 

Except for women. 

And not only that; around 577 participants took part in this study that should tackle women in crypto, but 360 of them were male. That’s around 62.4%! 

As one of the most prominent crypto exchanges, with more than 27M users, KuCoin really shouldn’t have made such a superficial report that no women in crypto will take seriously. 

But let’s see what they came up with. 

What do we know about women in crypto? 

There are more women who are getting curious about crypto, even if they’re not directly joining the community yet. 

We’ve already written about how women in Web 3.0 want less “bro culture” and more female initiatives

But what are some of the recent statistics regarding women in crypto, especially since there have been several huge events in the industry over the past year? 

Let’s see what KuCoin found out in their March 2023 report: 

Women tend to be crypto HODLers and invest for the long term. 

  • 52% of female crypto investors say that they HODL crypto, which is much higher than 38% among men. 
  • 44%of women crypto users think that crypto is a great source of passive income for wealth accumulation. 
  • 40% of them invest in crypto for the higher expected return. 
investing in crypto

Source: KuCoin

Women are less confident in crypto investment for the risk and knowledge involved. 

  • Only 35% of female crypto investors are “very confident” in crypto investment, as opposed to 47% of men. 
  • Almost 50% of surveyed users report that the main challenge of crypto investment is keeping up with the skills required. 
  • 44% of women are more worried about the risk associated with crypto, which is more significant than that of men. 
crypto challenges

Source: KuCoin

38% of female crypto investors are interested in AI-related crypto projects. 

  • Almost 4 out of 10 female crypto investors are more interested in investing in either Defi or AI-related tokens. 
  • 14% of women are not sure about which tokens to invest in going forward. 

It’s all about DYOR. Women are self-motivated but talk less about crypto. 

  • 58% of women say that they make crypto investment decisions by doing their own research, and 49% are reported to be self-motivated. 
  • Only 24% of women are influenced by social media and 19% by friends and families when making crypto investment decisions. 
  • 54% of women claim that they have influenced or inspired others to start their crypto investment, which is lower than men. 

Over a third of investors (both male and female) are open to sharing investment tips to encourage more women to step into the crypto investment, which can be a way to start crypto-related conversations among women.

Nearly 40% of female crypto investors look forward to more job opportunities and storytelling for women in crypto. 

When asked how can the crypto market and industry become more women-friendly, this is what the female respondents had to say: 

  1. 43% Build more communities for women in crypto; 
  2. 42% Provide more educational resources for women in crypto; 
  3. 42% Launch special benefits and rewards for women investors; 
  4. 40% Recruit more women to work in crypto; 
  5. 37% Tell more stories of women in crypto; 
  6. 29% Promote more women to senior leadership in the crypto industry; 
  7. 29% Improve crypto workplace culture for women. 

So, in conclusion, although we’re not very thrilled about the methodology KuCoin used for this research, the key takeaways seem somewhat believable. Probably the women who took part in this survey are the most enthusiastic about the topic and are regular KuCoin customers, so their opinion is relevant. 

However, in the future, we hope to see research like this being done on a more regular basis, targeting women who are non-crypto owners as well. 

A journalist by day and a podcaster by night. She's not writing to impress but to be understood.