The Tribulations Of Female Chinese Crypto Investors In A Fast Money Pitch Ecosystem
The Tribulations of Female Chinese Crypto Investors
Despite the increasing popularity of cryptocurrencies and blockchain technology, there is an evident shortage of women participants in both sectors. A testament to this is the report published by CoinDesk, which revealed that female investors make up a paltry 4% of the crypto trading community.
Even worse, this disparity is only highlighted in the Western world, mainly Europe and North America. Mainstream media publications and authority websites have significantly neglected the gender inequality in China, Japan and South Korea, country where the crypto space is growing at an equally rapid rate.
For instance, China had the highest number of blockchain patent applications last year although the country has imposed a ban on ICOs and Bitcoin trading. Precisely, China submitted over 50% of the patent applications, with the US being far off in second place. Moreover, all of the recently launched digital currencies that have a high market capitalization value (Ontology, Ziliqa and IOST) originate from china. Surprisingly, the crypto sphere rarely mentions Asian women who have invested in the industry.
Chinese Women in the Crypto Space
To understand the experiences of Chinese women in crypto, it is imperative to have knowledge of how the Chinese crypto space operates. Although China has prohibited trading in digital assets, this has not inhibited local investors from shifting their activities to neighboring locations such as South Korea, Hong Kong and Japan.
Furthermore, the crackdown on the crypto sector has been ineffective in curbing the prevalence of scamming projects, most of which are deployed in overseas countries. Also, China is home to several of the world’s Bitcoin millionaires.
Unlike the Western world, where crypto enthusiast are deliberating on the advantages of blockchain technology and its mass adoption, Chinese investors largely focus on one particular facet; profitability.
Essentially, they are concerned with the market cap of a coin, whether they should buy, hold or sell, and where the coin is listed. Since most players are looking to get rich quickly, it is often hard for investors (particularly women) who want to change this perception and advocate for a longer-term approach.
In a detailed account of the Chinses crypto sector, Carylyne Chan the high prevalence of fraudulent projects has had a negative impact on the industry. Individuals who believe in the potential of blockchain have hard time passing their messages to the public. While these challenges are spread worldwide, the scam-fest in China makes it a special case, as serious blockchain advocates are usually ignored by most wealthy investors.
The Role of WeChat in Empowering Chinese Women
The emphasis on the community and networking is perhaps the biggest positive aspect of the Chines crypto sector that sets it apart from the rest. Due to the ban on popular social media platforms such as YouTube and Twitter, Chinese citizens have resorted to using WeChat, a messaging app that operates similarly to WhatsApp. Typically, blockchain startup can have 50 dedicated WeChat forums, with each accommodating a mean of 500 members.
Among the most popular of such WeChat groups is the Blockchain Ladies forum. This community is important in connecting and empowering female Chines crypto investors, but it also highlights the efforts that is needed to close the huge gender inequality gap that characterizes the local crypto space.
Besides discussing the latest developments regarding blockchain, this group invites a powerful male crypto investor fortnightly for an open questioning session.
Advice to Women
Going by the current situation, women in the Chinese crypto space need to intensify their efforts to compete with their male contemporaries. Albeit harsh, the reality is women have to put more effort, relay confidence even when it is lacking, find the right working environment where the opposite gender appreciates your input.
Regardless of the location, women have to have clear goals and ambition before joining the crypto sector. However, this does not necessarily require the female to dish out favors to get ahead. In this regard, it is advisable to network with likeminded individuals, both male and female, who will assist you in realizing your set goals.
Education, particularly self-education, is vital. Shockingly, most of crypto millionaires have very shallow knowledge of the concept of cryptocurrencies and blockchain, as they primarily focus on the trading aspect. A perfect way of enhancing your knowledge is by regularly discussing with friends who deal with digital assets and blockchain.
Do not put emphasis on your gender, as this is an unnecessary and potentially discouraging distraction. By the time you begin, the market odds are stacked against you. Therefore, it is recommendable to set goals that will guide you through the journey to success.
Although scams and volatility of the market are inevitable, investors who take a long-term approach will eventually reap larger benefits than those who desire instant riches. This is because blockchain technology has immense potential.