Gender is associated with both psychological and demographic factors when it comes to crypto investingnew academic research reveals.
A new study has shed light on the differences between men and women in different aspects of cryptocurrency trading and investing, revealing that 60% of women have very limited or no knowledge about crypto assets, a critical element that affects investments, while two thirds of men have a medium and high level of understanding of cryptocurrencies.
Better general knowledge leads to more risk taking, as men follow their investments more often than women and do not avoid taking more risks, according to the study. The tendency of women to try different investment tools is due to their lower income and lower level of knowledge about cryptocurrencies.
The study, accepted by the journal Journal of Business, Economics and Finance on December 24, argues that gender is a factor that affects individuals’ financial investment decisions. Researchers Çağla Gül Şenkardeş and Ozan Akadur have analyzed data obtained through a computer-assisted survey conducted in Turkey to reveal gender-related behavioral and psychological differences in the crypto space.
Şenkardeş has been working as an interdisciplinary academic researcher with a focus on technology and gender. As an active participant in the cryptocurrency ecosystem for over five years, she has studied the exclusion of women from the cryptocurrency industry with personal observations and specific data collected for research. Commenting on the study, he told Cointelegraph:
“The male-dominated culture built within the cryptocurrency industry is visible in both the demographic and psychological factors that affect financial investment decisions.”
Şenkardeş also shared his personal observations that women have a lower level of knowledge about cryptocurrencies, which, among other causes, leads to a decrease in the proportion of investment.
But there is hope. Şenkardeş noted that there are activist platforms around the world aiming to increase the participation of women in the cryptocurrency industry, both as traders and developers. He said:
“I do believe that along with the growing awareness of a genderless digital verse, the gap between female and male crypto investors will disappear.”
As Cointelegraph’s Keira Wright noted, the current figures need major improvements to achieve a level playing field. A CNBC poll found that women are still less than half as likely to invest in cryptocurrencies as men: 16% of men invest compared to 7% of women.
But the cryptocurrency sector has the potential to empower women and give them more control over their finances, concluded Wright, adding that Traditional barriers between women and financial freedom have already begun to crumble as mainstream adoption takes off.
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