According to the research conducted by UK based cryptocurrency exchange, London Block Exchange;
The number of women interested in cryptocurrency investments has more than doubled, from 6% to 13% since the start of the year.
More women now into cryptocurrencies
The cryptocurrency market continues to gain more traction from people all over the world. The idea of digital currencies in a decentralized form continues to become very appealing to many, especially the millennials. The interest keeps rising despite apparent warnings from several governments around the world and some renowned bankers and financial figures like Jamie Dimon, the CEO of JPMorgan Chase and also Warren Buffet, the billionaire investor.
The report added that most of the women interested in cryptocurrency investment or already investing in cryptocurrencies are millennials, with one out of five of them expressing their desire to hold cryptocurrencies. This isn’t a surprise considering the fact that millennials were brought up in the digital age and digital products are more appealing to them.
The research also talked about other issues such as the difference in the way men and women invest. It noted that when it comes to investment, women take a more strategic approach while men tend to make the risky moves.
Women are 50% less likely to suffer from fear of missing out (FOMO) compared to men due to their more calm nature.
In addition to that, women are also more collaborative than men, thus the reason why it is highly likely that they would consult family and friends about investment opportunities before making a move. They mostly do this compared to men who, according to statistics, prefer to make the decision alone.
Men still dominate the industry
Even though the number of women in the cryptocurrency world keeps increasing, the space is still dominated by men. A research carried out earlier by eToro cryptocurrency exchange revealed that the cryptocurrency industry was made up of 91.5% men and 8.5% women.
Ripple (XRP) is the favorite women cryptocurrency
Another interesting fact revealed in the same research by eToro is the interest of women in a specific cryptocurrency. Bitcoin, being the most known and invested cryptocurrency, has a 0% gender difference. Both, men and women are equally likely to invest in Bitcoin. On the other hand, Ripple (XRP) appears to be the most women interest gainer.
Ripple (XRP) leads as most profitable crypto investment
The same eToro report also suggests that Ripple leads the profitability average for cryptocurrency investors.
These statistics show a very wide margin in cryptocurrency interest from the two sexes. However, with this latest research, women seem to be taking more interest in the digital currency world. This point is echoed by London Block Exchange’s senior business analyst, Agnes de Roeyer, who strongly believes that this trend is now changing. Talking to press, Roeyer said;
There’s still a common misconception that cryptocurrency is a game for men, but we’ve seen hundreds of women sign up for our exchange in the last few months and some of the most inspiring and knowledgeable investors, leading the way in the industry are female.
The increased interest from women across the globe on cryptocurrencies can be considered as a win for digital currencies because if Bitcoin and others are to become legal tender in all parts of the world, then they need to be known by both men and women in virtually equal ratio.
Interest increases despite Google searches slowing down
Earlier this month, it was reported that the number of Google searches for the word ‘Bitcoin’ have dropped by 75% since the start of the year. This statistics is according to a research carried out by Google Trends.
Amidst the decreased number of searches for Bitcoin and other digital currencies, it is really amazing that the cryptocurrency world continues to witness more people coming in.
Back in April this year, it was reported that retailer adoption of Bitcoin is growing in the U.S and Canada despite the falling prices. Newegg CEO, Danny Lee, while commenting on the rise in retailer adoption back then stated that the use of Bitcoin has skyrocketed since 2014 and seems to be even growing with time. He added that;
In 2014 Newegg was among the first major companies to offer customers a bitcoin payment option. Since that time the value of bitcoin has skyrocketed and customers holding bitcoin have considerably more purchasing power. We believe the time is right to broaden our acceptance of bitcoin to our customers in Canada.
His point was echoed by the CEO of BitPay, Stephen Pair, who noted that the use of Bitcoin has increased in Canada over the past few months. He stated that;
We’re seeing a lot of traction in Canada, and we’re happy to see Newegg extend its bitcoin payment option north of the border.
Even regulators acknowledge cryptocurrency rise
Regulators all over the world have been giving exchanges, cryptocurrencies and other cryptocurrency-related business a hard time due to the unregulated nature of the industry. However, some of them still believe in the power of cryptocurrencies and their role in the future of global finance.
Rostin Behnam, commissioner of the U.S. Commodity Futures Trading Commission (CFTC), during an interview a few days ago, made some very compelling arguments for cryptocurrencies. He looked beyond the stance taking by other people who regard cryptocurrencies as a tool now used by criminals, instead, he stated that;
We are witnessing a technological revolution. Perhaps we are witnessing a modern miracle. Virtual currencies may – will – become part of the economic practices of any country, anywhere. Let me repeat that: these currencies are not going away and they will proliferate to every economy and every part of the planet.
The cryptocurrency market has been in a bear cycle for the past few months now but the increase in a number of users indicate that the belief in cryptocurrencies keeps getting stronger and it is only a matter of time before the market embarks on another bullish run.