Within the dynamic and ever-changing crypto house, girls have regularly 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 house immediately is Gracy Chen, the Managing Director of Bitget, a distinguished crypto change 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 women in STEM (Science, know-how, engineering, and math) schooling by way of Bitget’s non-profit group, DIY Women.
In a dialog with Bitcoinist, Gracy Chen shared beneficial insights on her experiences as a girl within the crypto house and provided steering for ladies venturing into the {industry}.
Bitcoinist: What made you resolve 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 dearth of illustration of girls 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 associates launched me to crypto, and it was love at first sight. I used to be fascinated by the know-how and the concept of monetary 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 often called Bitget Pockets.
Bitcoinist: How would you describe your expertise as a girl within the crypto {industry}? What are among the largest challenges you confronted in your journey to change into a distinguished feminine determine within the crypto {industry}?
Gracy Chen: Once 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 girl on panel discussions in the course of the Web3 and fintech occasions I attended with my group.
In an {industry} dominated by males, I felt it was a boys membership, and was unwelcomed and typically even annoyed. These unfavorable 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 group who wasn’t male.
As a girl, it’s not sufficient to imagine in your personal management abilities. With the dearth of variety in crypto, you might be greater than more likely to be negatively impacted by gender-based bias and the stereotypes feminine entrepreneurs come throughout daily. That is in all probability the rationale 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 mission, 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 in opposition to funding my startup in 2017. It was a harsh interval during which I used to be consistently dealing with gender-based bias whereas struggling to boost capital for my mission.
As time handed and crypto adoption took off, the state of affairs has considerably improved. However it’s nonetheless removed from ultimate, although. With girls accounting for solely 4.13% of crypto founders and 10% of digital asset fund companions, it’s protected to say that there’s important room for enchancment on this area.
I haven’t even talked about the outcomes of a current report, which revealed that 74% of present cryptocurrency holders within the US are males. However due to initiatives like DIY Women — a charity mission initiated by Bitget in collaboration with Juventus gamers Moise Kean and Wojciech Szczesny, which is devoted to selling women’ curiosity in STEM schooling — the long run is trying 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 area, solely 33% of girls really feel assured of their capacity to make funding choices. By way of crypto, I imagine this might spotlight the truth that cryptocurrencies are riskier belongings as a result 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 consumer schooling is important to beat this problem so extra girls will really feel assured to enter the house and spend money on digital belongings.
Whole market cap sitting at $1.352 trillion | Supply: Crypto Whole Market Cap on Tradingview.com
Bitcoinist: What different monetary objectives do girls pursue by way of investing to showcase their dedication and care, past enhancing their household’s monetary state of affairs or funding their youngsters’s schooling?
Gracy Chen: We’ve just lately printed a research revealing that feminine buyers in most markets show a higher willingness to enhance their household’s monetary conditions and fund their youngsters’s schooling bills or tuition charges by way of 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 setting.
As an illustration, girls are extra empathetic normally than males, which turns out to be useful for managers who must care for his or her groups. A extra numerous and inclusive office with extra involvement from girls may create a extra open working ambiance the place workers are extra keen to precise their opinions. This can be 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 simpler in investment-related threat administration. Most likely, this is among the many the reason why feminine buyers managed to outshine their male counterparts on this area by incomes 10% extra annual returns between 2017 and 2020.
Regardless of the dearth of illustration of girls within the management of crypto corporations, a research revealed that companies with 5 or extra feminine executives had the very best success charges (61%).
Apparently, the bottom success charges had been measured among the many corporations 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 not less than one feminine founder than these with an all-male founding group.
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 imagine this unique 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 could be higher represented inside the {industry}, offering great advantages to the house normally.
Be ready for stereotypical habits, however don’t let it decrease your confidence or discourage you from turning into a pacesetter or attaining different vital objectives as a girl.
Bitcoinist: What management alternatives for ladies do you see within the crypto {industry}, and do you assume extra must be accomplished for ladies within the {industry}?
Gracy Chen: There are undoubtedly sufficient management alternatives for ladies in crypto. Nevertheless, as males dominate the house, girls should work laborious and learn to defend themselves in opposition to gender-based bias to benefit from these prospects.
Because of this I imagine market gamers ought to be a part of forces and launch initiatives like DIY Women so we will improve feminine illustration and eventually sort out 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 shall be roughly curiosity?
Gracy Chen: Primarily based on the findings of the identical research that exposed that almost all present US crypto holders are males, girls account for 53% of the “crypto curious,” a gaggle 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 can in the end end in a extra equal house for everybody.
Bitcoinist: In case you had the prospect to resolve one downside within the crypto {industry}, what would you clear up, and the way would you clear up it?
Gracy Chen: Along with my group at Bitget, we’re devoted to tackling the problem of gender inequality inside the {industry}. Whereas market gamers have made important progress on this area, the issue remains 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 numerous 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 influence on society.
Finally, I wish to change the way in which women and girls understand careers in crypto. To realize this purpose, we have to analysis their preferences, calls for, and the challenges which can be at present stopping them from becoming a member of the market.
On the identical time, crypto corporations ought to launch initiatives focusing on girls, which may 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 value within the subsequent few years?
Gracy Chen: After all, my favourite cryptocurrency is BGB! It stays the best-performing change token in 2023. Based on knowledge from a TokenInsight Report, BGB led all change tokens in Q2 and Q1. Aside from LEO, MX, and OKB, all different CEX platform tokens had a unfavorable return. Except for BGB, I’m additionally hodling the OG tokens like BTC, ETH, USDT, and USDC.
Basically, I imagine the bear market is lastly coming to an finish. Contemplating that BTC just lately has damaged out of the $35,000 stage amid BlackRock’s imminent spot ETF approval, the charts appear to indicate that Bulls at the moment are accountable for the digital asset {industry}.
Furthermore, the following Bitcoin halving is just six months away, which is predicted to kickstart a significant bull run based mostly on historic value developments. Within the meantime, I anticipate crypto adoption to extend progressively as extra women and men are getting conversant in cryptocurrencies and their underlying know-how.
Featured picture from Bitget, chart from Tradingview.com
