Cryptocurrencies: Women investors take a shine to it

Belying the notion that women prefer to invest only in traditional assets like fixed deposits and gold, many women have now started investing in cryptocurrencies.

According to data shared by CoinDCX, a cryptocurrency exchange, currently more than 20% of its total investors are women. It also stated that in 2021, the company witnessed a 3X jump in its new women investors compared to November-December period. Interestingly, the data suggested almost 60% of women investors on CoinDCX platform belonged to the age group of 18-34 years.

The company received more than 30% participation from its women investors based in Mumbai, Delhi and Chennai. Maharashtra, Karnataka, Tamil Nadu and Telangana were the top states from where the company received maximum traction among women investors.

“Cryptocurrencies have been perceived as incredibly complex. However, our data shows that millennial women are embracing this technology and look at this as a new way of attaining financial independence. While the larger tech world is male-dominated, crypto being a new tech gives women the opportunity to take charge and lead it. Additionally, the decentralized nature of the industry translates to an even playing field, which welcomes skilled players, irrespective of gender. Owing to simple user interface and the rising popularity of cryptocurrency as an investment class, we are extremely bullish about increased participation from women investors going forward too,” said Sumit Gupta, co-founder & CEO, CoinDCX.

Zebpay, another cryptocurrency exchange, shared that the average ticket size for women investors was Rs 3 lakh for the period of March to August 2020 which increased to Rs 5.7 lakh from September to February 2021. The exchange has around 10% of total investors as women. There’s an increase of 1888.27% in women investors from March’20 to February’21.

The Groww survey also states that when it comes to investing in cryptocurrencies, about 6% of women, making more than Rs 30 lakh per annum, have invested in cryptocurrencies. Only 4% of women earning less than Rs 10 lakh per annum have invested in cryptocurrencies in comparison. The survey was sent to more than 2.5 lakh women and fetched more than 28,000 responses over three days. The study’s objective was to understand the qualitative aspects of women’s investing habits, their goals, and how they view the process of wealth creation in general.