Within the dynamic and ever-changing crypto area, girls have frequently made their mark, difficult gender norms and contributing considerably to the expansion and development of the crypto sector. One of many main girls within the crypto area right this moment is Gracy Chen, the Managing Director of Bitget, a distinguished crypto trade and Web3 firm.
Gracy Chen is acknowledged as an advocate for ladies within the crypto world, encouraging their development and participation within the {industry} by growing alternatives for females in Bitget’s workforce. She additionally empowers girls and ladies in STEM (Science, know-how, engineering, and math) schooling by Bitget’s non-profit group, DIY Women.
In a dialog with Bitcoinist, Gracy Chen shared useful insights on her experiences as a girl within the crypto area and supplied steerage for ladies venturing into the {industry}.
Bitcoinist: What made you determine to pursue a profession in cryptocurrency, particularly when the {industry} is noticeably dominated by males?
Gracy Chen: Actually, I didn’t take into consideration gender inequality and the shortage of illustration of ladies in crypto once I joined the {industry}. On the time, I used to be working as a TV host interviewing celebrities like Tom Hiddleston and Michelle Yeoh and enterprise leaders similar to Tim Draper.
One time in 2014, when Bitcoin was buying and selling at roughly $300, my TV mates launched me to crypto, and it was love at first sight. I used to be fascinated by the know-how and the thought of economic inclusion, so I began investing in main cash like BTC, ETH, and XRP.
After dipping my toes into the fascinating (and typically loopy) world of digital belongings, it didn’t take lengthy till I grew to become an early investor in BitKeep, now generally known as Bitget Pockets.
Bitcoinist: How would you describe your expertise as a girl within the crypto {industry}? What are a few of the greatest challenges you confronted in your journey to develop into a distinguished feminine determine within the crypto {industry}?
Gracy Chen: After I ventured into the crypto world, the scenario was a lot worse than presently. As a rule, I used to be the one girl on panel discussions in the course of the Web3 and fintech occasions I attended with my staff.
In an {industry} dominated by males, I felt it was a boys membership, and was unwelcomed and typically even pissed off. These damaging ideas had been with me throughout conferences and likewise once I served because the CMO at a fintech firm in my earlier job, the place I used to be the one member of the administration staff who wasn’t male.
As a girl, it’s not sufficient to imagine in your personal management expertise. With the shortage of range in crypto, you might be greater than more likely to be negatively impacted by gender-based bias and the stereotypes feminine entrepreneurs come throughout each day. That is most likely the rationale why girls solely managed to increase 2% of the {dollars} invested in VC-backed US startups in 2021 regardless of an 83% YoY enhance within the whole quantity raised.
I might hear, ‘We’re keen on you and your challenge, however we don’t plan to spend money on feminine entrepreneurs, particularly those that are married however with no youngsters but.’ This was a enterprise investor’s precise argument towards funding my startup in 2017. It was a harsh interval by which I used to be continually dealing with gender-based bias whereas struggling to boost capital for my challenge.
As time handed and crypto adoption took off, the scenario has considerably improved. However it’s nonetheless removed from perfect, although. With girls accounting for solely 4.13% of crypto founders and 10% of digital asset fund companions, it’s secure to say that there’s important room for enchancment on this discipline.
I haven’t even talked about the outcomes of a latest report, which revealed that 74% of present cryptocurrency holders within the US are males. However because of initiatives like DIY Women — a charity challenge initiated by Bitget in collaboration with Juventus gamers Moise Kean and Wojciech Szczesny, which is devoted to selling ladies’ curiosity in STEM schooling — the long run is wanting brighter.
Bitcoinist: What would you say are the commonest threats and challenges to girls coming into investing, and the crypto {industry} particularly?
Gracy Chen: Regardless of demonstrated effectivity on this discipline, solely 33% of ladies really feel assured of their means to make funding selections. When it comes to crypto, I imagine this might spotlight the truth that cryptocurrencies are riskier belongings as a consequence of their elevated volatility, and feminine buyers, who’re extra risk-averse and sober than their male counterparts, are much less more likely to spend money on them.
Dependable person schooling is important to beat this problem so extra girls will really feel assured to enter the area and spend money on digital belongings.
Complete market cap sitting at $1.352 trillion | Supply: Crypto Complete Market Cap on Tradingview.com
Bitcoinist: What different monetary targets do girls pursue by investing to showcase their dedication and care, past enhancing their household’s monetary scenario or funding their youngsters’s schooling?
Gracy Chen: Now we have lately revealed a examine revealing that feminine buyers in most markets exhibit a better willingness to enhance their household’s monetary conditions and fund their youngsters’s schooling bills or tuition charges by crypto investments. These outcomes point out that girls carry out higher in some areas than males.
As I see it, the correct illustration of females inside an organization and its management can provide essential advantages for the entire group, similar to improved product enhancement and a extra constructive work atmosphere.
As an illustration, girls are extra empathetic normally than males, which is useful for managers who should care for his or her groups. A extra various and inclusive office with extra involvement from girls might create a extra open working ambiance the place workers are extra prepared to precise their opinions. It is a important profit for feminine employees, whose trustworthy and useful recommendation can considerably enhance firm tradition.
Ladies additionally are usually much less over-confident than males. From a monetary perspective, their extra risk-aversive and disciplined nature makes them more practical in investment-related danger administration. Most likely, this is without doubt one of the many explanation why feminine buyers managed to outshine their male counterparts on this discipline by incomes 10% extra annual returns between 2017 and 2020.
Regardless of the shortage of illustration of ladies within the management of crypto companies, a examine revealed that companies with 5 or extra feminine executives had the best success charges (61%).
Apparently, the bottom success charges had been measured among the many companies the place solely a single girl was current on the board (49.32%). Nevertheless, these figures are nonetheless higher than within the case of startups with no women within the management, as one other report’s outcomes present a 63% higher efficiency for corporations with no less than one feminine founder than these with an all-male founding staff.
Bitcoinist: What’s one piece of recommendation you’d give to girls who’re working in the direction of changing into leaders within the crypto {industry}?
Gracy Chen: My recommendation for feminine entrepreneurs in crypto is to recollect that you’re not the ‘elephant within the room’ – gender inequality is. It’s an {industry} that seeks to create a extra inclusive and democratic monetary system.
I imagine this authentic ethos also needs to apply to gender equality, as we’re additionally engaged on constructing an area that’s equally accessible to individuals irrespective of their gender, race, or faith.
Whereas crypto is a male-dominated market, girls shouldn’t be afraid to enter. Quite the opposite, it ought to function an incentive so we might be higher represented throughout the {industry}, offering great advantages to the area normally.
Be ready for stereotypical habits, however don’t let it decrease your confidence or discourage you from changing into a pacesetter or reaching different vital targets as a girl.
Bitcoinist: What management alternatives for ladies do you see within the crypto {industry}, and do you suppose extra must be accomplished for ladies within the {industry}?
Gracy Chen: There are positively sufficient management alternatives for ladies in crypto. Nevertheless, as males dominate the area, girls should work exhausting and learn to defend themselves towards gender-based bias to make the most of these prospects.
For this reason I imagine market gamers ought to be a part of forces and launch initiatives like DIY Women so we will enhance feminine illustration and at last deal with the problem of gender inequality.
Bitcoinist: The place do you see participation from girls within the crypto {industry} in 5-10 years? Do you suppose there might be roughly curiosity?
Gracy Chen: Primarily based on the findings of the identical examine that exposed that almost all present US crypto holders are males, girls account for 53% of the “crypto curious,” a bunch that has reported curiosity in digital asset investments.
Mixed with the rising variety of initiatives focusing on women, I imagine feminine participation within the cryptocurrency market will take off considerably within the subsequent few years, which is able to finally end in a extra equal area for everybody.
Bitcoinist: Should you had the possibility to unravel one downside within the crypto {industry}, what would you resolve, and the way would you resolve it?
Gracy Chen: Along with my staff at Bitget, we’re devoted to tackling the problem of gender inequality throughout the {industry}. Whereas market gamers have made important progress on this discipline, the issue continues to be there, ready to be solved.
Being acknowledged as a International Shaper by the World Financial Discussion board in 2015, I’ve a mission to extend feminine illustration and contribute to creating equal alternatives for everybody available on the market.
Apart from launching and elevating funds for DIY Women, I’ve created an inclusive and various office at Bitget, the place girls characterize 40% of the workforce. This doubles down on our firm’s place as an industry-leading equal-opportunity employer that’s dedicated to creating a constructive affect on society.
In the end, I need to change the way in which women and girls understand careers in crypto. To realize this aim, we have to analysis their preferences, calls for, and the challenges which are presently stopping them from becoming a member of the market.
On the identical time, crypto companies ought to launch initiatives focusing on girls, which might end in extra internship and employment alternatives for girls, in addition to assist create extra female-friendly work environments.
Bitcoinist: Final however not least, what’s your favourite cryptocurrency, and the place do you see its worth within the subsequent few years?
Gracy Chen: In fact, my favourite cryptocurrency is BGB! It stays the best-performing trade token in 2023. In keeping with knowledge from a TokenInsight Report, BGB led all trade tokens in Q2 and Q1. Apart from LEO, MX, and OKB, all different CEX platform tokens had a damaging return. Other than BGB, I’m additionally hodling the OG tokens like BTC, ETH, USDT, and USDC.
On the whole, I imagine the bear market is lastly coming to an finish. Contemplating that BTC lately has damaged out of the $35,000 degree amid BlackRock’s imminent spot ETF approval, the charts appear to indicate that Bulls at the moment are in control of the digital asset {industry}.
Furthermore, the subsequent Bitcoin halving is simply six months away, which is anticipated to kickstart a significant bull run based mostly on historic worth developments. Within the meantime, I anticipate crypto adoption to extend step by step as extra women and men are getting conversant in cryptocurrencies and their underlying know-how.
Featured picture from Bitget, chart from Tradingview.com
