Bakkt: Women will become the primary demographic in the crypto space
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Bakkt: Women will become the primary demographic in the crypto space
Female investors are rapidly entering the cryptocurrency space, narrowing the gender gap.
Navigating Web3 tides with focused insightsBy: Eduardo Próspero
Translation: TechFlow Intern
A study commissioned by Bakkt shows that female investors are rapidly entering the cryptocurrency space, narrowing the gender gap. The report, titled "Women and Crypto," states, "Women now outnumber men among first-time cryptocurrency buyers."
Bakkt, which describes itself as a "globally regulated digital asset ecosystem," set out to address a key insight: "While the gender gap in crypto is well-documented, there is little data on how the industry can move forward in a more inclusive way." The study measured "women’s awareness of and attitudes toward cryptocurrency—both among those who own it and those who don’t—and how these compare with male owners."
Details of the Bakkt Study:
"The research surveyed 1,012 consumers—including 508 women without cryptocurrency but possessing basic knowledge, 254 women who own crypto, and 250 men who own crypto—with fieldwork conducted in February 2022."
Another notable finding is that "individuals aged 25 to 44 represent the largest group across all three categories."
Let’s look at the numbers to see what the company discovered.
What Do Bakkt's Data Show?
Although this study was conducted in the United States and its results may not be globally generalizable, the figures are intriguing. Bakkt found:
"Men were early adopters of cryptocurrency, but women are now surpassing men in first-time purchases. 38% of women bought cryptocurrency for the first time in the past six months, compared to 30% of men."
"Among women who currently do not own cryptocurrency, the biggest barriers identified were not knowing how to get started (52%), not understanding crypto utility (52%), and lacking extra investment funds (49%)."
"Majorities of both male (69%) and female (54%) crypto owners say they plan to increase their holdings within the next six months."
"Most women (61%) hold less than $500 worth of cryptocurrency."
Crypto Owners vs. Non-Owners
Undoubtedly, the fastest way into the crypto world is direct purchase—an experience that remains irreplaceable. In this part of the Bakkt study, differences between men and women take a back seat, as those without crypto often feel lost in the space.
Compared to those who have never owned crypto assets, current owners feel significantly more knowledgeable. While 70% of non-owners rate their crypto knowledge as low or very low, only 13% of male owners and 22% of female owners assess their knowledge at that level.
Female non-owners most frequently used the words "confusing," "risky," and "scary" to describe how they view cryptocurrency. In contrast, crypto owners of both genders shared similar top descriptors: "opportunity," "growth," "bold," and "revolutionary."
Among women specifically, 82% of those who have purchased crypto said they are likely to buy again in the future.
But what are these new entrants buying? According to Bakkt, "both male and female crypto owners in the study reported Bitcoin and Ethereum as their primary investments." Below is a more detailed chart, including mention of DOGE, one of the internet’s most popular memecoins:
Other Institutions
Of course, Bakkt is not the only institution analyzing this data. Other recent studies have also explored similar trends. Perhaps some of these reports were released in celebration of International Women’s Day—which is commendable. Recently, BlockFi published findings from a similar survey, summarized as follows:
BlockFi’s latest survey shows that women are more interested in cryptocurrency than ever before, with one-third of women planning to purchase digital assets this year. Additionally, 60% of these women said they intend to do so within the coming months.
"Compared to a study conducted in September 2021, the current survey indicates a doubling of interest among women, with 29% now expressing interest in buying cryptocurrency in the next year."
Finally, let’s close with a quote from Nancy Gordon, Chief Product Officer at Bakkt:
"Despite recent volatility in crypto markets, momentum among women entering the space continues to grow. It’s encouraging to see that education can help overcome the barriers to entry."
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