Only 40% of women have medium or high-level knowledge of cryptocurrencies, a recent study reveals.
New research conducted by academics from two Turkish universities has revealed that there is a gender bias among other psychological and demographic factors that affect people’s interest in crypto investment.
The study, conducted by researchers ÇaÄŸla Gül ÅženkardeÅŸ and Ozan Akadur, analyzed how gender as a demographic factor can affect people’s financial decisions and awareness of cryptocurrency investments. It was approved by the Journal of Business, Economics and Finance in December 2021.
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It has been revealed that cryptocurrencies were among the top 5 financial investment methods for men, while less than a third of women said to invest in crypto. Furthermore, 60% of women have limited to no knowledge about this investment tool.
On the other hand, roughly two-thirds of the inquired men have either medium or high level of knowledge in the field. Men also tend to take more risks, thanks to a better understanding of cryptocurrency investments.
Women play more cautiously and tend to be more averse to risk-taking. They prefer different, more traditional investment tools primarily due to lower overall knowledge of cryptocurrencies and lower income.
Dr. ÅženkardeÅŸ focuses her research on the links between technology and gender. She is an advocate for gender equality and has spent the better part of the decade focusing her research on women’s role in and exclusion from the crypto industry.
Her expertise comes not just from her research but personal experience, too. She has noted that the lack of knowledge about crypto altogether is one of the reasons for the investment ratio decreasing. In one interview, Dr. ÅženkardeÅŸ stated:
The male-dominated culture built within the crypto industry becomes visible in both the demographic and psychological factors that affect financial investment decisions.
Despite this, there appears to be an upsurge in activism worldwide aiming specifically to help women carve out a place for themselves in the crypto realm — not just as investors but as creators and developers as well.
Dr. ÅženkardeÅŸ believes the digital verse has great potential for complete gender equality. Discussing the role of women in crypto, she said:
I do believe together with the increasing awareness on a gender-free digital verse, the gap between the female and male crypto investors will disappear.
The gender equality of women in STEM has been a pressing issue for a while. As crypto is the junction of finance and technology, there is still plenty of room for growth. According to a survey conducted by CNBC in August 2021, more men—around 16%—invest in crypto, compared to the 7% of women.
