Blockchangers Blog

Is Crypto a Man’s Game? Capturing Women’s Share of Digital Wallet

The financial sector has been notorious to be a male dominated industry. Although gender equality in the space has improved over the last decade, the gender gap is still very-much apparent along the financial authoritative pipeline. But, crypto is challenging this archetype.

Like the financial industry, the crypto space is stereotyped as predominantly male. GoogleAnalytics even suggests that more than 90% of the Bitcoin community engagement is male; however, data verifies this perception to be wrong and continues to show crypto adoption by an increasing number of women.

Up until 2018, the crypto space was regarded to be almost absent of women. From 2018 onward, though, this has changed. Since Q4 2019, CoinMarketCap recorded a significant growth in the number of its female users, averaging upward of 48%. Female adoption of and involvement in crypto has been even more impressive and extensive in 2020. Cointelegraph states that the number of female users on cryptocurrency exchanges have grown anywhere between 22% and 160% in the last year. For example:

  • Cryptocurrency exchanges Bithumb Global and EXMO disclosed to Cointelegraph that the number of female users has grown over 30% just in 2020.
  • reported a 26.86% growth in female users from Q2 2020.
  • In Q1 2020, CoinCorner noted that the percentage of women users on its platform increased 47%.
  • Bitfinex recorded a 162% growth rate of new female users in 2020.
  • In March of 2020, financial platform 2gether revealed that 23% of its app users were women between the age of 26 to 45 of different professions, including accountants, lawyers and economists.
  • Financial platform Terra revealed that 74% of its users are female.

This research is indicative that the growth rate of women entering the crypto industry is exponential and continues to escalate with time.

It is clear that female interest in the crypto industry and market has grown. Research published in December 2020 by Grayscale, a Bitcoin fund operator, exhibited that the percentage of women interested in Bitcoin encompassed 43% of investors, which is up from 13% in 2019. It is evident that this percentage is actively growing.

This rising interest in crypto is the result of a plethora of factors, including accessibility, hedging, and education. The on-boarding of women into the crypto space is in part due to a growing access to the market. The innovation of crypto has allowed women to find a safe haven in digital assets and use it in their everyday lives. Myriad crypto trading platforms have democratized access to capital and allowed women to invest and trade without gender or income discrimination. Furthermore, crypto has offered attractive investment opportunities to women amidst financial hardships. Women have turned to crypto during the global Coronavirus pandemic in an attempt to diversify or hedge their portfolios. During the pandemic, many people have begun to lose confidence in traditional securities and the economy. In the United States, for example, many people continue to be concerned about inflation that may result from the economic stimulus packages distributed. Moreover, many have used cryptocurrency as an alternative financial opportunity due to job loss and the rise in unemployment as a consequence. Additionally, women have become interested in crypto as education has expanded on the subject. As access to more crypto resources has become available, education on the topic has risen. For example, more crypto trading platforms have launched in 2020, allowing for increased education of various cryptocurrencies and blockchain-based technologies. As a result, more women have opened accounts on these platforms but have not necessarily traded, proving that women are exploring the topic and are clearly interested in the crypto space. Although some women have just been exploring cryptocurrency without investing, a rising proportion of women have fully immersed themselves in the trading experience. For these female investors, crypto has captured a proportion of women’s Share of Wallet. According to Investopedia, Share of Wallet is defined as the amount a customer spends regularly on a particular product or brand rather than buying from a competing brand. As education expands and crypto continues to be mass adopted by females globally, it is predicted that women’s Share of Digital Wallet (#SODW) will grow exponentially. Although crypto education and access has increased, it should be noted that there is still a need for more resources. In an article by Coindesk, 93% of women in a survey stated that they would be more open to investing in cryptocurrencies if they had more resources available to them. Despite education advances made, more is required to expand and encompass the inclusive nature that crypto has to offer to people.

In conclusion, crypto may have once been a man’s game, but times are changing and more women are integrating into the crypto economy. To the moon!

Jordana Cohen,


Alpha Sigma Capital

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Alpha Sigma Capital
Daniel Siciliano

F. Daniel Siciliano is an Independent Director of the Federal Home Loan Bank of San Francisco and Chair of the American Immigration Council. He is the former faculty director of the Rock Center for Corporate Governance at Stanford University and former Professor of the Practice and Associate Dean at Stanford Law School. His work has included expert testimony in front of both the U.S. Senate and the House of Representatives and for 2009, 2010, and 2011, alongside leading academics and business leaders such as Ben Bernanke, Paul Krugman, and Carl Icahn, Professor Siciliano was named to the “Directorship 100” – a list of the most influential people in corporate governance.

Siciliano was also co-founder, CEO and ultimately Executive Chairman of LawLogix Group, Inc. – a global software technology company named 9 consecutive times to the Inc. 500/5000, several times ranked as one of the Top 100 fastest-growing private software companies in the US and named to the US Hispanic Business 500 (largest) and Hispanic Business 100 (fastest growing) lists for 2010 and 2011. In 2012 he sold a majority stake of the company to PNC Riverarch Capital, continued as Executive Chairman, and led the sale of the company to Hyland Software/Thoma Bravo in 2015.

Siciliano is a co-founder and board member of the Silicon Valley Directors’ Exchange (SVDX), Chairman of the national non-partisan American Immigration Council, past-President of the League of United Latin American Citizens (LULAC) Council #1057, and an active member of the Latino Corporate Directors’ Association.

Siciliano’s related areas of expertise include executive compensation, corporate compliance, the legal and social impact of autonomous (AI/robotic) systems, and corporate technology strategy and security. He has served as a governance consultant and trainer to the Board of Directors of dozens of Fortune 1000 companies (including Google, Microsoft, Fedex, Disney, Entergy and Applied Materials), is an angel investor and consultant to several firms and companies in Silicon Valley, Hong Kong, India, and Latin America, and currently serves as an independent director on the board of the Federal Home Loan Bank of San Francisco. He lives in Los Altos, California.