Four interesting stats about diversity in the crypto space
There is a long-held belief that crypto and blockchain are dominated by white males, and that there is a lack of diversity in the space. This, if true, could be detrimental to the crypto and blockchain space, because if it is dominated by wealthy white males, then systems and projects within the space could be sub-consciously (or consciously) set-up primarily to benefit wealthy white males, much in the same way that the global financial sector has.
That being said, I wanted to dive a bit deeper into this issue of diversity in the crypto and blockchain space. There are four statistics that I want to briefly highlight and dissect in this post. It is important to note that there is much more data available than I am presenting here, and that this is a much more complex issue than can be covered in a single blog post. It is also important to note that, as a white male, I am by no means an expert when it comes to diversity. That being said, here are four interesting statistics related to diversity in blockchain and crypto.
Crypto ownership by country
When looking at the countries whose citizens hold the most crypto, it was surprising to see the results. According to Statista’s 2020 Global Consumer Survey, the top five countries by share of citizens that reported owning or using crypto are as follows:
% of citizens by country that have owned or used crypto (2020)
Keep in mind that this data was collected prior to the most recent boom in crypto adoption, and the adoption of Bitcoin as legal tender in Ecuador. Nonetheless, I was surprised to see that all the top five countries were outside of North America and Western Europe.
Crypto Ownership by Gender in US
As highlighted above, there is a belief that crypto is a male dominated space. According to Statista, the following percentage of men and women owned crypto in the US as of 2019:
% of Americans that own crypto by gender (2019)
This data supports the belief that there are more men in the crypto and blockchain space, as men were almost twice as likely to own crypto in the US then women at the time this data was collected. That being said, the number of women in the crypto industry is on the rise, with one study finding that women involved in the space increased by 43% in the first quarter of 2020 alone. Another study by Grayscale, operator of the Grayscale Bitcoin Trust, found that 43% of investors interested in Bitcoin were women, and that this number is growing.
Overall, there is definitely truth to the belief that crypto and blockchain is male dominated, but thankfully, this seems to be changing, and the gender diversity in the space appears to be on the rise.
Crypto Ownership by Age in the US
What about age? Their seems to be a belief that only millennials use or hold crypto, but how much truth is there to this? Research by Gemini found that, of those that own crypto, 74% are between the ages of 25-44 and 19% are between the ages of 45-55:
Ages of those that own crypto in the U.S. (%)(2019)
It would appear that there is some truth to the belief that younger populations, such as millennials, are the primary holders of cryptocurrencies.
Interest in learning more about crypto
The stats shared so far have looked at individuals who own or hold crypto, but what about interest in learning more about cryptocurrency? A 2020 report by Coinbase found that, among college educated Americans, the following percentage of respondents were interested in learning more about cryptocurrency, broken down by race:
Black Americans – 75%
White Americans – 39%
Interest amongst college-educated Americans in learning about cryptocurrency (%) (2020)
So, what does it all mean?
Although there are some promising signs in the data above, such as the growing number of women in the space, and the high percentage of college-educated Black Americans interested in learning about crypto, the blockchain and cryptocurrency space certainly has room to grow as it relates to diversity. While it may have been true at one point that the space was dominated by millennial white males, this is quickly changing as crypto and blockchain achieve greater adoption around the world.
Diversity is important, as it can result in a more equitable and fair system for everyone, and it shouldn’t be discounted. As such, I’m hopeful that the promising signs highlighted above continue to trend in the right direction, and the crypto and blockchain space continue to become more diverse as time passes.
We’d love to hear your thoughts on the importance of diversity and inclusion in the crypto and blockchain spaces. Tweet us at @Crypto_Altruism, we’d love to hear from you!
