More Australian Women Are Owning Crypto In 2021 – Survey

A new survey conducted by media outlets has discovered that the proportion of Australian women who have crypto assets has doubled this year. The 2021 Independent Reserve’s Cryptocurrency Index (IRCI) of 2000 Australians showed that the total number of women who now or previously have invested in cryptocurrency increased from 10.3% in 2020 to 20% in 2021.

The percentage of Australian women who own bitcoin has also surged from 8.3% to 14.8% based on the survey. Independent Reserve is an Australian-based crypto exchange that was launched in 2013 and it has over 200,000 users. The IRCI survey of 2,000 Aussies also discovered that 56.7% of the women that were surveyed stated that they would enter the cryptocurrency market according to the advice given by friends and family.

Deputy Chair for the Board of Blockchain Australia, Karen Cohen, stated that more Australian women have joined the crypto world in 2021 as the asset class has continued to become a mainstream investment. While talking to reporters, she stated:

“I think that it tells you that investing in crypto is less risky and is just one of many different ways you can invest. I think it’s sort of giving the signal that if a bank thinks it’s okay, then you know it’s a safer place to invest.”

Cohen cited various examples like the CBA adding cryptocurrency trading options to its application in early November. The co-founder of Independent Reserve Adrian Przelozny stated:

“Over time, as cryptocurrency investments become more acceptable and mainstream, the perceived risk also reduces. I think that as that happens, you’ll see more and more women enter the market.”

Research done by Grayscale from 2019 indicated that women seem to be more risk-averse investors that are mostly attributed as a reason for the current gender gap between male and female crypto investors.

The IRI also discovered that Australian women were more likely to listen to friends and family about cryptocurrency. 56.7% of the women that were surveyed stated that they would enter the cryptocurrency space according to advice from close friends and relatives, as opposed to 42.2% of the men surveyed. Cohen stated:

“A lot of women are getting referrals from their friends and family, so they’re getting a feeling a bit safer to get involved.”

On the flip side, 45.9% of men stated that they would consider entering the cryptocurrency market as a result of interest sparked by media coverage when compared to 41.8% of the women surveyed.

Australian Women Closing Gender Gap

Cohen explained that moving forward, she believes that total gender parity among the crypto and digital assets investors are ‘a while away’ since it is so entangled with many gendered stereotypes and the way that Australian women are brought up to understand risks and investments.

Przelozny agreed with Cohen, adding that he could not possibly speculate as to when the investment gap will close. He stated:

“As to when it becomes 50/50, I don’t know. But I think it’s trending in the right direction.”

Cohen also stated that as the Metaverse and blockchain gaming starts to dominate the cryptocurrency market, and users can expect “the landscape to completely change again.” She added:

“Is gaming more of a boy’s club than crypto? Nobody knows.”

In the 2020 IRCI report, Cohen urged decision-makers in the crypto space to include women in events and panel debates, stating ‘we are what we see’. The IRCI is a yearly cross-sectional survey of more than 2,000 Australians conducted by PureProfile. Independent Reserve states that its sample was reflective of the nation’s gender, age, and geographic distribution.