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Within the dynamic and ever-changing crypto house, girls have frequently 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 right this 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 rising alternatives for females in Bitget’s workforce. She additionally empowers girls and women in STEM (Science, expertise, engineering, and math) schooling via Bitget’s non-profit group, DIY Women.
In a dialog with Bitcoinist, Gracy Chen shared precious insights on her experiences as a girl within the crypto house and supplied steering 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: Actually, I didn’t take into consideration gender inequality and the shortage 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 similar 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 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 property, 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 girl within the crypto {industry}? What are a number of the largest challenges you confronted in your journey to turn out to be a outstanding feminine determine within the crypto {industry}?
Gracy Chen: Once I ventured into the crypto world, the scenario was a lot worse than at present. 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 workforce.
In an {industry} dominated by males, I felt it was a boys membership, and was unwelcomed and typically even annoyed. These detrimental ideas have 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 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 in all probability the rationale why girls 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 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 wherein I used to be consistently going through gender-based bias whereas struggling to lift capital for my undertaking.
As time handed and crypto adoption took off, the scenario has considerably improved. However it’s nonetheless removed from supreme, 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 important room for enchancment on this subject.
I haven’t even talked about the outcomes of a latest report, which revealed that 74% of present cryptocurrency holders within the US are males. However because of initiatives like DIY Women — a charity undertaking initiated by Bitget in collaboration with Juventus gamers Moise Kean and Wojciech Szczesny, which is devoted to selling women’ curiosity in STEM schooling — the longer term is trying brighter.
Bitcoinist: What would you say are the most typical threats and challenges to girls getting into investing, and the crypto {industry} particularly?
Gracy Chen: Regardless of demonstrated effectivity on this subject, solely 33% of ladies really feel assured of their skill to make funding selections. When it comes to crypto, I consider this might spotlight the truth that cryptocurrencies are riskier property 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 put money into them.
Dependable person schooling is critical to beat this problem so extra girls will really feel assured to enter the house and put money into digital property.
Complete market cap sitting at $1.352 trillion | Supply: Crypto Complete Market Cap on Tradingview.com
Bitcoinist: What different monetary targets do girls pursue via investing to showcase their dedication and care, past enhancing their household’s monetary scenario or funding their kids’s schooling?
Gracy Chen: Now we have not too long ago printed a research revealing that feminine traders in most markets display a better willingness to enhance their household’s monetary conditions and fund their kids’s schooling bills or tuition charges via 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 supply essential advantages for the entire group, similar to improved product enhancement and a extra optimistic work surroundings.
As an example, girls are extra empathetic usually than males, which is useful for managers who should care for his or her groups. A extra various and inclusive office with extra involvement from girls may create a extra open working ambiance the place workers are extra prepared to precise their opinions. This can be a important 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 more practical in investment-related threat administration. Most likely, this is likely one of the many the explanation why feminine traders managed to outshine their male counterparts on this subject 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 research revealed that companies with 5 or extra feminine executives had the very 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 corporations with no less than one feminine founder than these with an all-male founding workforce.
Bitcoinist: What’s one piece of recommendation you’d give to girls 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 authentic ethos must also apply to gender equality, as we’re additionally engaged on constructing an area that’s equally accessible to folks 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 may be higher represented inside the {industry}, offering large advantages to the house usually.
Be ready for stereotypical conduct, however don’t let it decrease your confidence or discourage you from turning into a pacesetter or reaching different vital targets as a girl.
Bitcoinist: What management alternatives for girls do you see within the crypto {industry}, and do you suppose extra must be achieved for girls within the {industry}?
Gracy Chen: There are positively sufficient management alternatives for girls in crypto. Nonetheless, as males dominate the house, girls should work arduous and learn to defend themselves towards gender-based bias to benefit from these prospects.
For this reason 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 eventually 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 kind of curiosity?
Gracy Chen: Based mostly on the findings of the identical research 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 girls, I consider 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 house for everybody.
Bitcoinist: If you happen to had the possibility to resolve one drawback within the crypto {industry}, what would you clear up, and the way would you clear up 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 subject, 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.
In addition to launching and elevating funds for DIY Women, I’ve created an inclusive and various office at Bitget, the place girls characterize 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 way in which women and girls understand careers in crypto. To realize 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 girls, which may lead to extra internship and employment alternatives for women, 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 line with 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 detrimental return. Except for 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 not too long ago has damaged out of the $35,000 stage amid BlackRock’s imminent spot ETF approval, the charts appear to point out that Bulls are actually 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 value tendencies. Within the meantime, I anticipate crypto adoption to extend steadily as extra women and men are getting acquainted with cryptocurrencies and their underlying expertise.
Featured picture from Bitget, chart from Tradingview.com
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