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 immediately is Gracy Chen, the Managing Director of Bitget, a outstanding crypto trade 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 rising alternatives for females in Bitget’s workforce. She additionally empowers ladies and ladies in STEM (Science, expertise, engineering, and math) training by way of Bitget’s non-profit group, DIY Ladies.
In a dialog with Bitcoinist, Gracy Chen shared precious insights on her experiences as a lady within the crypto area and provided steerage for girls 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 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 associates launched me to crypto, and it was love at first sight. I used to be fascinated by the expertise and the thought of economic 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 turned an early investor in BitKeep, now generally known as Bitget Pockets.
Bitcoinist: How would you describe your expertise as a lady within the crypto {industry}? What are a few of the greatest challenges you confronted in your journey to develop into a outstanding feminine determine within the crypto {industry}?
Gracy Chen: Once I ventured into the crypto world, the state of affairs was a lot worse than presently. Most of the time, I used to be the one lady on panel discussions through the Web3 and fintech occasions I attended with my workforce.
In an {industry} dominated by males, I felt it was a boys membership, and was unwelcomed and typically even pissed off. These detrimental 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 workforce who wasn’t male.
As a lady, it’s not sufficient to consider in your personal management expertise. With the dearth 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 every single day. That is in all probability the explanation why ladies solely managed to increase 2% of the {dollars} invested in VC-backed US startups in 2021 regardless of an 83% YoY improve within the whole quantity raised.
I might hear, ‘We’re keen on you and your undertaking, however we don’t plan to put money into feminine entrepreneurs, particularly those that are married however with no kids but.’ This was a enterprise investor’s precise argument towards funding my startup in 2017. It was a harsh interval by which I used to be always dealing with gender-based bias whereas struggling to boost capital for my undertaking.
As time handed and crypto adoption took off, the state of affairs has considerably improved. However it’s nonetheless removed from very best, although. With ladies 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 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 due to initiatives like DIY Ladies — a charity undertaking initiated by Bitget in collaboration with Juventus gamers Moise Kean and Wojciech Szczesny, which is devoted to selling ladies’ curiosity in STEM training — the long run is wanting brighter.
Bitcoinist: What would you say are the most typical 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 choices. When it comes to crypto, I consider this might spotlight the truth that cryptocurrencies are riskier belongings resulting from their elevated volatility, and feminine buyers, who’re extra risk-averse and sober than their male counterparts, are much less more likely to put money into them.
Dependable consumer training is critical to beat this problem so extra ladies will really feel assured to enter the area and put money into digital belongings.
Complete market cap sitting at $1.352 trillion | Supply: Crypto Complete Market Cap on Tradingview.com
Bitcoinist: What different monetary targets do ladies pursue by way of investing to showcase their dedication and care, past enhancing their household’s monetary state of affairs or funding their kids’s training?
Gracy Chen: We now have just lately printed a examine revealing that feminine buyers in most markets show a better willingness to enhance their household’s monetary conditions and fund their kids’s training 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 right 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 optimistic work setting.
As an illustration, ladies are extra empathetic usually than males, which is useful for managers who need to 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 prepared to specific their opinions. It is 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 danger administration. In all probability, this is among the many the explanation why feminine buyers 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 examine 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 companies the place solely a single lady was current on the board (49.32%). Nevertheless, 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 corporations with no less than one feminine founder than these with an all-male founding workforce.
Bitcoinist: What’s one piece of recommendation you’ll give to ladies 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 consider this unique ethos must also apply to gender equality, as we’re additionally engaged on constructing an area that’s equally accessible to individuals 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 could be higher represented inside the {industry}, offering great 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 attaining different vital targets as a lady.
Bitcoinist: What management alternatives for girls do you see within the crypto {industry}, and do you suppose extra must be completed for girls within the {industry}?
Gracy Chen: There are positively sufficient management alternatives for girls in crypto. Nevertheless, as males dominate the area, ladies should work laborious and learn to defend themselves towards gender-based bias to reap the benefits of these potentialities.
For this reason I consider market gamers ought to be part of forces and launch initiatives like DIY Ladies so we are able to 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 suppose there will probably be kind of curiosity?
Gracy Chen: Based mostly on the findings of the identical examine that exposed that the majority present US crypto holders are males, ladies 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 girls, I consider feminine participation within the cryptocurrency market will take off considerably within the subsequent few years, which is able to in the end lead to a extra equal area for everybody.
Bitcoinist: When you had the possibility to unravel one downside within the crypto {industry}, what would you remedy, and the way would you remedy it?
Gracy Chen: Along with my workforce at Bitget, we’re devoted to tackling the problem of gender inequality inside the {industry}. Whereas market gamers have made important progress on this discipline, the issue continues 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.
In addition to launching and elevating funds for DIY Ladies, I’ve created an inclusive and numerous office at Bitget, the place ladies 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 affect on society.
Finally, I need to change the best way women and girls understand careers in crypto. To attain this objective, we have to analysis their preferences, calls for, and the challenges which are presently 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 trade token in 2023. In line with information from a TokenInsight Report, BGB led all trade tokens in Q2 and Q1. Aside from LEO, MX, and OKB, all different CEX platform tokens had a detrimental return. Other than BGB, I’m additionally hodling the OG tokens like BTC, ETH, USDT, and USDC.
Typically, I consider the bear market is lastly coming to an finish. Contemplating that BTC just lately has damaged out of the $35,000 degree amid BlackRock’s imminent spot ETF approval, the charts appear to indicate that Bulls are actually in control of the digital asset {industry}.
Furthermore, the following Bitcoin halving is barely six months away, which is predicted to kickstart a serious bull run primarily based on historic value tendencies. Within the meantime, I count on crypto adoption to extend progressively as extra women and men are getting conversant in cryptocurrencies and their underlying expertise.
Featured picture from Bitget, chart from Tradingview.com
