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 now is Gracy Chen, the Managing Director of Bitget, a outstanding crypto alternate and Web3 firm.
Gracy Chen is acknowledged as an advocate for ladies within the crypto world, encouraging their progress 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) training by Bitget’s non-profit group, DIY Women.
In a dialog with Bitcoinist, Gracy Chen shared precious insights on her experiences as a girl within the crypto area and supplied steering 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: Truthfully, I didn’t take into consideration gender inequality and the shortage of illustration of girls in crypto after 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 equivalent 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 generally loopy) world of digital property, it didn’t take lengthy till I turned an early investor in BitKeep, now often known as Bitget Pockets.
Bitcoinist: How would you describe your expertise as a girl within the crypto {industry}? What are a number of the largest challenges you confronted in your journey to turn out to be a outstanding feminine determine within the crypto {industry}?
Gracy Chen: After I ventured into the crypto world, the state of affairs was a lot worse than at present. As a rule, I used to be the one lady on panel discussions throughout 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 generally even annoyed. These adverse ideas have been with me throughout conferences and in addition after 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 isn’t sufficient to consider in your individual management expertise. With the shortage of variety in crypto, you’re greater than prone to be negatively impacted by gender-based bias and the stereotypes feminine entrepreneurs come throughout day-after-day. That is most likely the explanation why girls solely managed to elevate 2% of the {dollars} invested in VC-backed US startups in 2021 regardless of an 83% YoY improve within the complete quantity raised.
I’d hear, ‘We’re keen on you and your venture, however we don’t plan to put money into feminine entrepreneurs, particularly those that are married however with no kids but.’ This was a enterprise investor’s precise argument in opposition to 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 lift capital for my venture.
As time handed and crypto adoption took off, the state of affairs has considerably improved. However it’s nonetheless removed from preferrred, 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 subject.
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 due to initiatives like DIY Women — a charity venture initiated by Bitget in collaboration with Juventus gamers Moise Kean and Wojciech Szczesny, which is devoted to selling ladies’ curiosity in STEM training — the long run is trying brighter.
Bitcoinist: What would you say are the commonest threats and challenges to girls getting into investing, and the crypto {industry} particularly?
Gracy Chen: Regardless of demonstrated effectivity on this subject, solely 33% of girls really feel assured of their potential to make funding selections. When it comes to crypto, I consider this might spotlight the truth that cryptocurrencies are riskier property because of their elevated volatility, and feminine buyers, who’re extra risk-averse and sober than their male counterparts, are much less prone to put money into them.
Dependable person training is critical to beat this problem so extra girls will really feel assured to enter the area and put money into digital property.
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 state of affairs or funding their kids’s training?
Gracy Chen: We have now not too long ago revealed a examine revealing that feminine buyers in most markets display a larger willingness to enhance their household’s monetary conditions and fund their kids’s training bills or tuition charges by crypto investments. These outcomes point out that ladies carry out higher in some areas than males.
As I see it, the right illustration of females inside an organization and its management can supply essential advantages for the entire group, equivalent to improved product enhancement and a extra optimistic work setting.
For example, girls are extra empathetic on the whole than males, which turns out to be useful for managers who must care for his or her groups. A extra various and inclusive office with extra involvement from girls may create a extra open working environment the place workers are extra keen to specific their opinions. It is a important profit for feminine employees, whose sincere 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 threat administration. Most likely, this is likely one of the many the reason why feminine buyers managed to outshine their male counterparts on this subject by incomes 10% extra annual returns between 2017 and 2020.
Regardless of the shortage of illustration of girls within the management of crypto corporations, a examine revealed that companies with 5 or extra feminine executives had the best success charges (61%).
Apparently, the bottom success charges have been measured among the many corporations the place solely a single lady 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 firms with a minimum of one feminine founder than these with an all-male founding staff.
Bitcoinist: What’s one piece of recommendation you’ll give to girls who’re working in the direction of turning 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 consider this unique ethos must also 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 inside the {industry}, offering super advantages to the area on the whole.
Be ready for stereotypical conduct, however don’t let it decrease your confidence or discourage you from turning into a pacesetter or reaching different necessary targets as a girl.
Bitcoinist: What management alternatives for ladies do you see within the crypto {industry}, and do you assume extra must be achieved for ladies within the {industry}?
Gracy Chen: There are undoubtedly sufficient management alternatives for ladies in crypto. Nevertheless, as males dominate the area, girls should work onerous and learn to defend themselves in opposition to gender-based bias to reap the benefits of these prospects.
For this reason I consider market gamers ought to be part of forces and launch initiatives like DIY Women so we will improve feminine illustration and eventually 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 assume there will probably be roughly curiosity?
Gracy Chen: Primarily based on the findings of the identical examine that exposed that the majority 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 concentrating on women, I consider feminine participation within the cryptocurrency market will take off considerably within the subsequent few years, which can in the end lead to a extra equal area for everybody.
Bitcoinist: Should you had the possibility to unravel one drawback within the crypto {industry}, what would you clear up, and the way would you clear up it?
Gracy Chen: Along with my staff at Bitget, we’re devoted to tackling the problem of gender inequality inside the {industry}. Whereas market gamers have made important progress on this subject, 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 in the marketplace.
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 optimistic influence on society.
Finally, I wish to change the way in which women and girls understand careers in crypto. To attain this aim, we have to analysis their preferences, calls for, and the challenges which might be at present stopping them from becoming a member of the market.
On the identical time, crypto corporations ought to launch initiatives concentrating on girls, which may lead to extra internship and employment alternatives for women, 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 value within the subsequent few years?
Gracy Chen: In fact, my favourite cryptocurrency is BGB! It stays the best-performing alternate token in 2023. In line with knowledge from a TokenInsight Report, BGB led all alternate tokens in Q2 and Q1. Apart from LEO, MX, and OKB, all different CEX platform tokens had a adverse return. Other than BGB, I’m additionally hodling the OG tokens like BTC, ETH, USDT, and USDC.
Usually, I consider the bear market is lastly coming to an finish. Contemplating that BTC not too long ago 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 answerable for the digital asset {industry}.
Furthermore, the subsequent Bitcoin halving is just six months away, which is anticipated to kickstart a significant bull run primarily based on historic value developments. Within the meantime, I count on crypto adoption to extend progressively as extra women and men are getting accustomed to cryptocurrencies and their underlying know-how.
Featured picture from Bitget, chart from Tradingview.com
