Crypto Market Booms As Interest Grows Among Indian Women: Here's What Data Says

Indian women cryptocurrency: As crypto finds new meaning, allure has shot up in favour of its relevance to the fast-moving, fast-transforming global market. Even within its macrocosm, crypto reforms itself with the massive entry of women into a space that had till now been predominantly male.

That more women are independently taking the reins of finance into their own hands is vividly apparent with the rise of the crypto class, most prominently in the states of Maharashtra, Delhi, Tamil Nadu and Karnataka. Bitcoin, of course, remains the most popular choice among women as it does for the rest of the market. But research shows women are also increasingly exploring investment opportunities in Ethereum, Cardano and Ripple.

In the last year alone, women investors in crypto exchange rose by a whopping 1400 percent compared to men investors, data showed. This big spin in crypto assets as a whole is attributed to the 2020 ruling by the Supreme Court. On March 4, the apex court squashed the Reserve Bank of India's ban on cryptocurrency. Women in the crypto market then only accounted for a small share in the whereabouts of 15 percent.

Indian women cryptocurrency data: SheThePeople

But even before the 2020 overturn of the RBI ban, some research suggested Indian women were striding alongside their male counterparts in the crypto space. A 2018 survey by BuyUcoin, a crypto exchange wallet, quoted by Bitcoin found that Indian women were "more bullish on crypto than men" and tended to invest twice as much.

"Females, in particular, showed great potential in leading this industry forward," Shivam Thakral, CEO BuyUcoin, said.

Some research also suggests the pandemic has been a leveller of sorts, where sitting behind screens has brought men and women on the same footing to dabble in the crypto game.

The positive turn in the rising favour of women in crypto, however, isn't just India-centric and extends beyond into more robust economies like the United States, where the gender-finance balance has lesser fissures.

Christine Brown, chief operating officer of Robinhood Crypto says one in four customers trading in crypto until April 2021 on their platform was a woman. "Women should have an equal seat at the table when it comes to cryptocurrency investing," she was quoted saying in Wall Street Journal. 

Trading platform eToro Group too gave a nod to the trend saying female crypto traders jumped to about 20 percent of US users. Webull Financial LLC weighs in with 21 percent of traders being women on their platform.

"When it comes to crypto investing, women tend to choose an asset class, which has very strong fundamentals. Ethereum blockchain has very strong fundamentals and a lot of projects around the globe are using it to power their infrastructure. In 2021, we are expecting almost five times jump in the number of women investors," Thakral was quoted saying in Livemint.

Indian Women Cryptocurrency Interest: What's Behind The Rise

In India, investment platform Groww conducted and released a survey ahead of Women's Day in March 2021 with over 28,000 responses from women across age groups. The survey yielded interesting findings that showed older women tended to drift towards more traditional investments such as in real estate, while younger women took to 'stocking.' 6 percent of women earning over Rs 30 lakh per annum had invested in crypto.

Women in the 18-25 age group were "three times more likely to choose a high-risk, high-return asset class like stocks" over fixed deposit options, the survey stated.

Marked shift in the awareness levels and risk appetite of women, especially younger women who are open to exploring wealth-generating avenues in capital markets, irrespective of their age and income: Survey

Tarana Singhal, a Delhi-based audit assistant in her 20s who keeps an interest in crypto, tells us why she stepped foot into the pool. "Cryptocurrency is a digital asset, which is decentralised. What that basically means is that no central authority is issuing it. As the crypto craze engulfed the world, I wanted to be a part of it too. Call it FOMO (fear of missing out), but I was very interested in what they say is "buying the dip." After some research, I decided to stay away from meme coins that would fluctuate based on tweets."

She makes a reference to Dogecoin, a "joke crypto" created in 2013 based on the doge meme. Though Dogecoin lay low for several years after its inception, its value in recent times has skyrocketed with tech guru Elon Musk casually mentioning it on social media. Read about it here.

"I focused more on blockchains that had a concrete foundation- like Ethereum and Cardano. I invested a very small amount that I would not be very sad over even I were to lose it," Singhal adds.

Crypto Risks And Tricks: Here's What Experts Say

One of the biggest hurdles in the way of a bigger, explosive blockchain and crypto boom is the risk of loss that clouds it. The lack of plain access to verified data, users feel, is hard to come by. Especially when technology penetration is far less among women in India than men.

On the other hand, those who use crypto see it as an entity malleable, dynamic and welcoming. With restrictions that are easier and smarter compared to its senior, sterner counterparts, crypto's USP lies in its youthful appeal. The common investor sways the stocks. The gates are open - enter and exit at your own will (and risk).

What can help bridge the gap between knowledge and action? Can increased data lead to increased interest?

In 2017, Jincy Samuel, Coinsecure co-founder told SheThePeople, that people entering into the blockchain-Bitcoin space in India often look at the asset as a long-term investment. But the key risk around this exchange is its volatility. "It’s imperative for an investor wanting to invest in Bitcoin or any other cryptocurrency to understand what they are investing in. There are risks associated with most investments and one should be aware of the same before making an investment decision. It is also important not to put all your eggs into one basket. Spread them out wisely," she advises.

Heloïse Greeff, a well-known figure in the crypto space, invests on the basis of solid technology, not product. "I'm not that heavily invested in driverless cars or any of those buzzy trends at the moment. What I'm thinking more about is what the marketplace is going to look like for that driver who now has more free time," Insider quotes her saying.

As the highest-ranking woman investor on eToro, Greeff is relied on by co-users, making her the most-copied trader on the platform. For anyone looking for advice, her focus is more on Eretheum than Bitcoin, she believes in small wins over high risks, patiently analyses cultural data trends, and does her homework.

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