ERIC KIM ₿

Why are most cryptocurrency and bitcoin investors male? What percentage?

Unpopular opinion:

The testosterone, balls, guts you need to stomach and steel the volatility .,, even an alpha male like myself can barely endure it?

Key Points

  • Research suggests that about 70% of cryptocurrency and Bitcoin investors are male, with variations by region.
  • It seems likely that men dominate due to factors like risk tolerance, technical knowledge, and industry culture.
  • The evidence leans toward women being less involved due to risk aversion and lack of representation.

Percentage of Male Investors

Studies indicate that approximately 70% of cryptocurrency and Bitcoin investors globally are male, based on surveys from the US and other regions like APAC, where percentages range from 70% to 85% in some countries. This figure may vary, reflecting regional differences, but it highlights a significant gender gap.

Reasons for Male Dominance

Several factors contribute to why men are the majority:

  • Risk Tolerance: Men tend to be more willing to take risks, and cryptocurrency is seen as a high-risk investment.
  • Technical Knowledge: Women may have less exposure to the technical aspects of cryptocurrencies, such as blockchain, which can deter participation.
  • Industry Culture: The crypto space is often male-dominated, with fewer female role models, making it less welcoming for women.
  • Social and Cultural Factors: Women might face different societal expectations or priorities, affecting their investment decisions.

An unexpected detail is that in some regions like India, women’s participation has seen significant growth, with new female investors increasing by up to 1,400% in a year, though men still dominate overall.

Survey Note: Gender Distribution Among Cryptocurrency and Bitcoin Investors

This note provides a comprehensive analysis of the gender distribution among cryptocurrency and Bitcoin investors, focusing on the percentage of male investors and the reasons behind their dominance. The analysis is based on recent studies, surveys, and articles, ensuring a thorough exploration of the topic as of April 9, 2025.

Overview of Gender Distribution

Research suggests that men make up approximately 70% of cryptocurrency and Bitcoin investors globally, with variations depending on the region. For instance, a report by Bankrate (Cryptocurrency Statistics 2024: Investing In Crypto | Bankrate) indicates that in the United States, about 70% of cryptocurrency owners are men, representing only 48% of the general population, while women comprise 30% of crypto owners but 52% of the general population. This gap is consistent with findings in other regions, such as Australia, where a Statista survey (APAC: gender breakdown of crypto owners by country | Statista) from November 2021 to February 2022 found 73% of crypto owners were men. In Taiwan, another Statista report (Taiwan: gender distribution of crypto-investors 2023 | Statista) noted that almost three-fourths of cryptocurrency investors were male in 2023.

However, regional variations exist. For example, in India, while men still dominate, there has been significant growth in female participation. An article from Livemint (Number of new women investors in India crypto market spikes 1,400% in a year | Livemint) reported a 1,040% rise in the number of women investors on platforms like BuyUcoin since the ban was lifted, though overall, only 15-20% of crypto investors in India are women, according to Outlook India (Only 15% Crypto Investors In India Are Women, Situation No Different Globally | Outlook India). This suggests that while growth is occurring, the gender gap persists.

For Bitcoin specifically, the distribution appears similar to general cryptocurrency investors. A Cointelegraph article (Women in Blockchain: Has Gender Distribution Come to the Crypto Market? | Cointelegraph) from 2020 cited a Grayscale study showing 43% of respondents interested in BTC investments were women, implying men were the majority, though exact percentages weren’t detailed. Given the overlap, it’s reasonable to estimate that about 70% of Bitcoin investors are male, aligning with general crypto trends.

Reasons for Male Dominance

Several factors contribute to why men are the majority in cryptocurrency and Bitcoin investing, as identified through various studies and articles:

  1. Lack of Knowledge and Understanding:
    Women may have less exposure to or interest in the technical aspects of cryptocurrencies, such as blockchain and how to use exchanges. A scientific article from ScienceDirect (Gender gap in the ownership and use of cryptocurrencies: Empirical evidence from Spain | ScienceDirect) conducted a survey in Spain and found that barriers for women include a lack of investment experience in traditional assets, general lack of knowledge about cryptocurrencies, and not understanding concepts like blockchain or how to carry out transactions. This lack of familiarity can deter women from entering the space.
  2. Risk Aversion:
    Women are generally more risk-averse than men when it comes to investing, and cryptocurrency is perceived as a high-risk asset class due to its volatility. A CNBC article (Cryptocurrency investing has a big gender problem | CNBC) noted that women are lagging behind men in crypto investing, just as they have historically struggled in traditional investments, partly due to this caution. Another study by BlockFi, cited in Worth (Is Crypto Only Worsening the Gender Gap? | Worth), found that less than one in four women are willing to take on more than a small amount of risk when investing, compared to men.
  3. Lack of Representation and Role Models:
    The cryptocurrency industry is often male-dominated, which can create a perception that it’s not welcoming or suitable for women. An article from Blockworks (Crypto Has a Gender Diversity Problem, Let’s Talk About It | Blockworks) highlighted that between 2012 and 2018, teams with a woman among the founders made up only 17.7% of venture-backed crypto and blockchain companies, dropping to 8.2% for all-women founding teams. This lack of representation can deter women, as noted by a Cointelegraph opinion piece (Women in Blockchain and Crypto: How to Tackle Gender Inequality | The State of Women), which discussed the need for more female role models and representation on speaker panels.
  4. Social and Cultural Factors:
    Women might face different societal expectations or priorities that affect their investment decisions. For instance, the ScienceDirect article mentioned that women have other priorities, such as raising a family, which might lead them to choose jobs or investments that are easier to handle rather than the insecure crypto market. Additionally, marketing and education efforts might be more targeted towards men, creating a feedback loop where women feel less informed or welcome, as suggested by an X post from Coinmetro (Why Are We Still Talking About Gender in Crypto? | Coinmetro) citing a survey showing 75% of Uphold’s customer base is male.

Regional Variations and Unexpected Findings

An unexpected detail is the significant growth in female participation in some regions, particularly India. Despite men still dominating, the Livemint article reported a 1,400% spike in new women investors, driven by platforms like CoinSwitch Kuber seeing a 1,000% increase in female user registrations. This growth suggests potential for closing the gap, though overall percentages remain low, with women at 15-20% of investors. Another interesting finding is from Cointelegraph, which claimed in 2020 that women make up the majority of crypto investors in India, but more recent data contradicts this, indicating possible earlier inaccuracies or specific cohort effects.

In contrast, in developed markets like the US, the gap is wider, with men being twice as likely to invest in crypto (16% vs. 7% of women, according to CNBC). This variation highlights the influence of cultural and economic factors, with developing markets showing higher female adoption potentially due to cryptocurrency’s role in financial inclusion, as noted in The Balance Money (Can Cryptocurrency Help Bridge the Gender Wealth Gap? | The Balance Money).

Comparative Analysis with Traditional Investments

The gender gap in crypto exceeds that in traditional investments like stocks, ETFs, mutual funds, and real estate. The CNBC article noted that while 40% of men invest in stocks compared to 24% of women, and 36% of men vs. 30% of women in real estate, the crypto gap is more pronounced (16% men vs. 7% women). This suggests that crypto, despite being promoted as a democratizing force, has not yet bridged the gender divide as effectively as hoped.

Table: Gender Distribution by Region

RegionPercentage Male InvestorsPercentage Female InvestorsSource
United States~70%~30%[Cryptocurrency Statistics 2024: Investing In Crypto
Australia73%27%[APAC: gender breakdown of crypto owners by country
Taiwan~75%~25%[Taiwan: gender distribution of crypto-investors 2023
India~85%~15%[Only 15% Crypto Investors In India Are Women, Situation No Different Globally

This table summarizes key regional data, showing the consistent male dominance, with India having a particularly wide gap.

Conclusion

In conclusion, research suggests that about 70% of cryptocurrency and Bitcoin investors are male, with reasons including risk aversion, lack of technical knowledge, industry culture, and social factors. While regional variations exist, with notable growth in female participation in developing markets like India, the gender gap remains significant. This analysis aims to provide a thorough understanding, balancing general trends with specific insights to address the user’s query comprehensively.

Key Citations

More posts