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Meet the Bitcoin Community: the Exclusive and Rich Boy’s Club

Meet the Bitcoin Community: the Exclusive and Rich Boy’s Club

Reading Time: 2 minutes by on February 9, 2018 Bitcoin, Commentary, Finance, News

The overrepresentation of men in the world of business has been a hot-button issue of debate for decades, yet it remains as relevant a topic of discussion in the newly emerging branches of business as it does in its older mainstays. Unsurprisingly, one of these branches is the emblem of the age of digital capitalism, bitcoin.

Of course, being an anonymously owned resource, pinning down precise numbers on ownership demographics proves a less-than-straightforward process. Nonetheless, data gathered from various sources strongly points toward a heavily male-dominated investor base.

The virtual wallet service Uphold reported that 75 percent of their users are male; while Coin Dance, a community-driven tracker of bitcoin statistics, states that an overwhelming 97 percent of bitcoin users are male.

The Reason Behind the Skewed Gender Scale

As is usually the case, the precise reasons behind this dramatic gender divide are a matter of discord. Some of it, naturally, has been prescribed to the communities and industries in which bitcoin and cryptocurrencies in general first gained traction, and in which they continue to be popular.

One such suggestion is that individuals working in the realm of computer sciences, engineering, and related industries, all of which tend to be measurably male-dominated, are among the most exposed to the nuances of cryptocurrency trading and developments.

Likewise, in its early days, bitcoin gained some of its greatest traction among the video game community, and on the website Reddit; both, once more, heavily male-dominated demographics.

Of course, these industries and communities, though certainly male-dominated, do not generally reflect the dramatic 97-3 gender division that seems to be present in the bitcoin market. Moreover, the increasing accessibility of cryptocurrencies and the interfaces through which they are purchased have opened investment to individuals across a great variety of fields.

Is the Gender Divide Indicative of a Bubble?

As a result, many believe that the gender divide in the world of bitcoin may well run deeper than the industry itself. Some have pointed toward long-standing statistics that indicate women tend to be more risk-averse than men, and thus more hesitant to make investments in less stable, more uncertain markets.

This description, objectively speaking, appears to fit the Bitcoin market quite accurately, especially in light of the two-thirds of value that it has lost since the beginning of its dramatic price plummet in December 2017.

Indeed, Duncan Stewart, director of research at Deloitte Canada, has argued that the low presence of women in bitcoin investment is a sign that it is a bubble approaching its bursting point; a controversial opinion that is, as many in the cryptocurrency trading industry will be aware, reflected in the higher tiers of the finance industry.

Precisely how one chooses to interpret the dramatic gender divide in the bitcoin investor market is a matter of personal outlook. Nonetheless, there is little denying that, if current stats are even remotely accurate, it is a dramatic divide even by the standards of the male-dominated business world. With regards to whether or not it makes Bitcoin a bubble, the findings are inconclusive.

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