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 at the moment is Gracy Chen, the Managing Director of Bitget, a outstanding crypto change and Web3 firm.
Gracy Chen is acknowledged as an advocate for girls 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 means of Bitget’s non-profit group, DIY Women.
In a dialog with Bitcoinist, Gracy Chen shared priceless insights on her experiences as a girl within the crypto house and supplied steering for girls 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 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 comparable to Tim Draper.
One time in 2014, when Bitcoin was buying and selling at roughly $300, my TV buddies 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 known as 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 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 the moment. Most of the time, 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 adverse ideas have been with me throughout conferences and likewise 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’s not sufficient to consider 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 explanation why girls solely managed to increase 2% of the {dollars} invested in VC-backed US startups in 2021 regardless of an 83% YoY improve within the complete 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 in opposition to funding my startup in 2017. It was a harsh interval through 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 state of affairs 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 vital room for enchancment on this discipline.
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 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 training — the longer term is wanting brighter.
Bitcoinist: What would you say are the most typical threats and challenges to girls getting into investing, and the crypto {industry} specifically?
Gracy Chen: Regardless of demonstrated effectivity on this discipline, solely 33% of ladies really feel assured of their potential to make funding choices. By way of crypto, I consider this might spotlight the truth that cryptocurrencies are riskier belongings because of their elevated volatility, and feminine traders, who’re extra risk-averse and sober than their male counterparts, are much less more likely to spend money on them.
Dependable consumer training 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 targets do girls pursue by means of investing to showcase their dedication and care, past enhancing their household’s monetary state of affairs or funding their youngsters’s training?
Gracy Chen: We now have just lately revealed a examine revealing that feminine traders in most markets reveal a better willingness to enhance their household’s monetary conditions and fund their youngsters’s training bills or tuition charges by means of 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 provide essential advantages for the entire group, comparable to improved product enhancement and a extra optimistic work surroundings.
As an example, girls are extra empathetic generally than males, which turns out to be useful for managers who need to care for his or her groups. A extra numerous and inclusive office with extra involvement from girls might create a extra open working environment the place staff are extra prepared to precise their opinions. This can be a vital profit for feminine workers, whose sincere and useful recommendation can considerably enhance firm tradition.
Girls 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 danger administration. Most likely, this is likely one of the many the reason why feminine traders 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 very best success charges (61%).
Apparently, the bottom success charges have been measured among the many companies the place solely a single girl was current on the board (49.32%). Nonetheless, 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 staff.
Bitcoinist: What’s one piece of recommendation you’d give to girls who’re working in 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 consider 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 might be higher represented inside the {industry}, offering large advantages to the house generally.
Be ready for stereotypical conduct, however don’t let it decrease your confidence or discourage you from changing into a pacesetter or reaching different necessary targets as a girl.
Bitcoinist: What management alternatives for girls do you see within the crypto {industry}, and do you suppose extra must be performed for girls within the {industry}?
Gracy Chen: There are undoubtedly sufficient management alternatives for girls in crypto. Nonetheless, as males dominate the house, girls should work arduous and learn to shield themselves in opposition to gender-based bias to reap the benefits of these prospects.
That is why I consider market gamers ought to be a part of forces and launch initiatives like DIY Women so we are able to improve feminine illustration and at last 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 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 consider feminine participation within the cryptocurrency market will take off considerably within the subsequent few years, which is able to finally lead to a extra equal house for everybody.
Bitcoinist: In the event you had the possibility to unravel one drawback within the crypto {industry}, what would you remedy, and the way would you remedy 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 vital progress on this discipline, the issue continues to be there, ready to be solved.
Being acknowledged as a World 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.
Moreover launching and elevating funds for DIY Women, I’ve created an inclusive and numerous office at Bitget, the place girls signify 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 need to change the best way women and girls understand careers in crypto. To attain this aim, we have to analysis their preferences, calls for, and the challenges which can be at the moment stopping them from becoming a member of the market.
On the similar time, crypto companies ought to launch initiatives focusing on girls, which might lead to 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 change token in 2023. Based on information 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 adverse return. Other than BGB, I’m additionally hodling the OG tokens like BTC, ETH, USDT, and USDC.
On the whole, I consider 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 point out that Bulls at the moment are in control of the digital asset {industry}.
Furthermore, the following Bitcoin halving is barely six months away, which is anticipated to kickstart a serious bull run based mostly on historic worth traits. Within the meantime, I anticipate crypto adoption to extend regularly as extra women and men are getting aware of cryptocurrencies and their underlying know-how.
Featured picture from Bitget, chart from Tradingview.com