These days, it’s extremely common for conversations about money management and investing to include discussions of cryptocurrency and other non-traditional assets.
The decentralized and digital nature of crypto has caused it to boom in popularity over the years, with some enthusiasts even hailing it as a potentially game-changing asset for investors.
Technological developments in the cryptocurrency sector have also occasioned the invention of different coins, many with specialized functions. One prominent example is Monero (XMR), a privacy-focused coin that allows users to send and receive money anonymously through an encrypted Monero wallet. Other crypto variants promise investors faster transactions, lower processing fees, and a host of other benefits. Crypto enthusiasts insist that the world of crypto holds so many possibilities that there’s potentially something in it for any kind of person.
Examining crypto circles and the kinds of voices that tend to dominate discussions around it, however, tells a radically different story. Since the first cryptocurrency Bitcoin was launched in 2009, the crypto industry has historically been dominated by young male investors. According to a survey of 10,000 US adults conducted by Pew Research, 43% of men between the ages of 18 and 29 had bought or invested in some form of cryptocurrency. Another survey confirmed a distinct gender gap between crypto users of all ages, with 22% of survey men and only 10% of women reporting cryptocurrency usage.
Rise of “Crypto Moms”
Despite the industry’s present exclusivity, one particular group of women has begun increasingly to hop onto the crypto bandwagon. More and more middle-aged women, most of them stay-at-home mothers, have begun to invest in crypto as a way to earn extra income without having to take on additional employment. For many of these women, trading crypto is also a chance to build digital literacy, as well as establish their stake in a burgeoning, potentially profitable sector.
Expanding the Female Presence in Crypto
The rise of “crypto moms” may come across as disconcerting to people who are accustomed to thinking of cryptocurrency enthusiasts as young, tech-savvy, cis-het “crypto bros.” Upon closer scrutiny, however, it shouldn’t be surprising that women are beginning to take an interest in crypto and the potential financial gains it promises. Recent research shows that women today bring in an estimated USD 18 trillion in income annually and make-up up 80% of spending and financial decisions for their households.
Women in crypto today frequently assert that, despite much posturing to the contrary from their male counterparts mentioned above, investing in cryptocurrency isn’t particularly difficult. Some begin their crypto journeys with little to no training in finance or traditional investing. Many start learning about crypto investing through regular self-study, whether individually or as part of a group of friends.
Communities catering specifically to moms trading crypto have also begun to proliferate on the internet. Many of these communities present themselves explicitly as crypto learning resources and promise friendly and welcoming discussion spaces. Crypto enthusiasts on these platforms are also often willing to point each other to the wealth of free resources available on the subject, such as audiobooks and informational videos.
New female-led organizations have also begun emerging steadily over time with the aim of encouraging more women to explore cryptocurrency. Many of these organizations report a rising interest in the crypto industry among women and nonbinary people that simply wasn’t there a few years ago.
The Aim to Build “Generational Wealth”
But why exactly are more moms getting into crypto in the first place? For many of these women, cryptocurrency presents a possible way out of generational poverty. They see it as an attractive means of attaining financial security not only for themselves but for their families as well. In particular, many believe that this type of generational wealth building is one that can take the place of the traditional financial institutions and models that have failed them in the past. People who have been unable to access loans due to credit limitations, for instance, encounter no such barriers when investing in and trading crypto.
Many “crypto moms” feel that their approach to crypto trading stands in stark contrast to that of the single young men who generally dominate the industry. Typical “crypto bros” often have an appetite for risk that makes navigating cryptocurrency’s well-documented price volatility appealing. They derive a particular thrill from attempting to read the markets in order to buy low and sell high, and they usually consider this thrill an essential part of the investing experience.
In contrast, older women in crypto are into it less for the risk and more for the prospect of being able to grow their assets over time. Financial experts are generally in agreement that holding crypto assets long-term is the best practice at present, as this more careful approach to investing can help traders deal with sudden surges and crashes more easily.
Ultimately, the chance to change their families’ economic situations for the better is a major lure for almost all “crypto moms.” These women are increasingly eager to explore the industry as it continues to evolve in the hope that forthcoming developments could help them better their financial futures even further.
Photo by Dane Deaner Joel Muniz on Unsplash on Unsplash