Within the dynamic and ever-changing crypto area, ladies have regularly made their mark, difficult gender norms and contributing considerably to the expansion and development of the crypto sector. One of many main ladies within the crypto area at the moment 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 development and participation within the {industry} by rising alternatives for females in Bitget’s workforce. She additionally empowers ladies and women 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 area 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: Actually, I didn’t take into consideration gender inequality and the dearth 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 equivalent to Tim Draper.
One time in 2014, when Bitcoin was buying and selling at roughly $300, my TV pals 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 generally loopy) world of digital belongings, 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 among the largest challenges you confronted in your journey to turn out to be a distinguished feminine determine within the crypto {industry}?
Gracy Chen: After I ventured into the crypto world, the scenario 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 generally even pissed off. These unfavorable ideas have been with me throughout conferences and in addition 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 expertise. With the dearth of range in crypto, you’re greater than more likely to be negatively impacted by gender-based bias and the stereotypes feminine entrepreneurs come throughout each day. That is in all probability the rationale why ladies solely managed to elevate 2% of the {dollars} invested in VC-backed US startups in 2021 regardless of an 83% YoY improve within the whole quantity raised.
I’d 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 through which I used to be continually dealing with gender-based bias whereas struggling to lift capital for my challenge.
As time handed and crypto adoption took off, the scenario has considerably improved. However it’s nonetheless removed from preferrred, although. With ladies 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 women’ curiosity in STEM training — the long run is wanting brighter.
Bitcoinist: What would you say are the commonest threats and challenges to ladies 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 potential to make funding selections. By way of crypto, I imagine this might spotlight the truth that cryptocurrencies are riskier belongings on account 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 critical to beat this problem so extra ladies 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 objectives do ladies pursue by means of investing to showcase their dedication and care, past enhancing their household’s monetary scenario or funding their youngsters’s training?
Gracy Chen: We now have not too long ago printed a research revealing that feminine traders in most markets reveal a larger 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 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, equivalent to improved product enhancement and a extra constructive work surroundings.
For example, ladies are extra empathetic usually than males, which turns out to be useful for managers who should care for his or her groups. A extra numerous and inclusive office with extra involvement from ladies might create a extra open working environment the place workers are extra keen to specific their opinions. This can be a vital profit for feminine employees, whose trustworthy and useful recommendation can considerably enhance firm tradition.
Girls additionally are typically 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 likely one of the many explanation 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 dearth of illustration of ladies within the management of crypto companies, a research revealed that companies with 5 or extra feminine executives had the best success charges (61%).
Curiously, 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 girls within the management, as one other report’s outcomes present a 63% higher efficiency for firms with no less than one feminine founder than these with an all-male founding group.
Bitcoinist: What’s one piece of recommendation you’d give to ladies who’re working in 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 authentic ethos also needs to apply to gender equality, as we’re additionally engaged on constructing an area that’s equally accessible to folks regardless of their gender, race, or faith.
Whereas crypto is a male-dominated market, ladies 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 super advantages to the area usually.
Be ready for stereotypical habits, however don’t let it decrease your confidence or discourage you from turning into a frontrunner or reaching different necessary objectives as a girl.
Bitcoinist: What management alternatives for ladies do you see within the crypto {industry}, and do you assume extra must be completed for ladies within the {industry}?
Gracy Chen: There are undoubtedly sufficient management alternatives for ladies in crypto. Nonetheless, as males dominate the area, ladies should work exhausting and learn to shield themselves towards gender-based bias to reap the benefits of these prospects.
For this reason I imagine market gamers ought to be part of forces and launch initiatives like DIY Women so we will improve feminine illustration and at last deal with the problem of gender inequality.
Bitcoinist: The place do you see participation from ladies within the crypto {industry} in 5-10 years? Do you assume there might be roughly curiosity?
Gracy Chen: Primarily based on the findings of the identical research that exposed that the majority present US crypto holders are males, ladies 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 girls, I imagine 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: For those who had the prospect to unravel one drawback within the crypto {industry}, what would you remedy, and the way would you remedy it?
Gracy Chen: Along with my group at Bitget, we’re devoted to tackling the problem of gender inequality throughout the {industry}. Whereas market gamers have made vital progress on this discipline, the issue remains 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.
In addition to launching and elevating funds for DIY Women, I’ve created an inclusive and numerous office at Bitget, the place ladies symbolize 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.
In the end, I need to change the way in which women and girls understand careers in crypto. To attain this objective, 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 companies ought to launch initiatives focusing on ladies, 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 value within the subsequent few years?
Gracy Chen: After all, my favourite cryptocurrency is BGB! It stays the best-performing change token in 2023. In keeping with knowledge from a TokenInsight Report, BGB led all change tokens in Q2 and Q1. Apart from LEO, MX, and OKB, all different CEX platform tokens had a unfavorable return. Other than 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 not too long ago has damaged out of the $35,000 degree amid BlackRock’s imminent spot ETF approval, the charts appear to point out that Bulls at the moment are in command of the digital asset {industry}.
Furthermore, the subsequent Bitcoin halving is just six months away, which is predicted to kickstart a significant bull run based mostly on historic value traits. Within the meantime, I anticipate crypto adoption to extend steadily as extra women and men are getting acquainted with cryptocurrencies and their underlying know-how.
Featured picture from Bitget, chart from Tradingview.com
