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(Kitco News) – A recent survey conducted by the crypto trading and investment platform BlockFi has yielded some interesting results as it showed that women across the United States remain bullish on cryptocurrencies despite their awful performance in 2022.
The survey – which was conducted through a third-party survey panel on Sept. 20 and included 1,075 female-identifying Americans between the ages of 18 and 65 – sought to gather the views of female Americans about their current motivations, behaviors and dispositions around crypto investing and financial wellness.
On the whole, women remain more reticent to invest in the cryptocurrency industry as compared to men, with 77% of respondents viewing cryptos as a risky investment. Ten percent of those surveyed indicated that they chose crypto as their first investment, with 17% of Millennial women and 11% of Gen Z women falling into this category.
Seven percent of Gen-Xers – which includes individuals born between 1965 and 1980 – also identified crypto as their first investment, which came as a surprise to researchers as these respondents had more time to invest in other asset classes prior to the emergence of cryptocurrencies.
“The latest edition of BlockFi’s Women x Crypto survey data reveals that many women are looking to the crypto markets to make their first investment,” said Flori Marquez, Founder and Chief Operating Officer of BlockFi. “And while the younger, digitally-native generations are more likely to adopt crypto, Gen X and Baby Boomers are also open to participating.”
One-third (33%) of the women surveyed indicated that a retirement vehicle was used as their first point of entry into the crypto market, while one-quarter (25%) of respondents said that they have yet to invest in the asset class.
Looking ahead, more than one in five (22%) said that they intended to purchase crypto over the next year, with 20% of Gen Z women calling Bitcoin the “best long-term investment” among others in a lineup of investment choices that included real estate and individual stocks.
Female crypto holders also indicated a high level of resilience to the ongoing weakness across the market, with 69% of respondents that currently hold crypto saying that they “hold crypt and remain hold-only.”
The main area of concern revealed by the survey centers on the idea of women being welcomed in the crypto community. Only 21% of those surveyed report that they feel welcome in the community, while a majority (52%) are unsure, which indicates “a lack of knowledge around the community rather than it being seen as unwelcoming,” the report said.
Additionally, the survey found that one in four women said they are not confident in their wealth-building investment strategy, while nearly half (45%) feel financially secure.
Overall, Marquez suggested that the ongoing downturn in the crypto market is the perfect time for the industry to work on growing its ranks of female hodlers.
“As many have noted, the best building happens during bear markets. It’s imperative that we utilize this time to build products and communities that are inclusive to all investors. At the end of the day, BlockFi’s vision is to accelerate global prosperity and is committed to ensuring all feel welcomed regardless of where they are in their crypto journey.”
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.