82% of Women Who Own Cryptos Will Purchase Them Again

Business woman with Bitcoin symbol.
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Despite crypto’s overwhelming association with men, 82% of women who own cryptos are likely to purchase them again, a new Bakkt study found.

See: Top 4 Cryptocurrencies To Consider Buying in March
Find: What Is the Crypto Fear and Greed Index?

The study, “Women & Crypto,” released in connection with Women’s History Month, examined attitudes toward cryptocurrency among women, who both own and do not own crypto, and how it differs from men who own it.

One of the key findings is that the knowledge gap for women who don’t own crypto is significant, with 70% rating their crypto knowledge as low or very low, which compares to only 13% of male crypto owners and 22% of women crypto owners who rate themselves low or very low.

The study notes, however, that the gender knowledge gap narrows noticeably once women buy any level of crypto.

Nancy Gordon, Chief Product Officer Loyalty and Rewards at Bakkt, told GOBankingRates that there was about a 50% gap in self-rated knowledge between women who own crypto and those that don’t.

“Once women purchase crypto, they rate their knowledge significantly higher indicating perhaps the initial barrier of just trying it is the biggest,” Gordon said.

The top barriers identified by women who don’t currently own crypto include not knowing how to get started, with 52%, not understanding crypto utility, with 52%, and lacking extra funds to invest, with 49%, the data showed.

Gordon said that many of these barriers to entry are to be expected.

“Many people, particularly women, are standing on the sidelines, intrigued by what is going on with crypto but unsure how to get started. We also see crypto appealing to younger demographics, so it’s not entirely surprising that lack of extra funds comes out as a top barrier,” she said.

Indeed, 61% of women own less than $500 in crypto, suggesting fractional crypto is a strong acquisition pathway for women and can mitigate the lack of funds barrier, the study noted.

Gordon said that it’s a big misconception that you need a lot of money to get started, but the threshold to start investing in crypto is very low because of the availability of fractional crypto investing – as little as $10.

“In the study, we saw that women are interested in new pathways of ownership, such as receiving crypto as a gift, redeeming their loyalty points for crypto or earning crypto on their everyday purchases. We see this trend having staying power, particularly as younger and tech-savvy demographics demand new brand experiences,” she said.

And in terms of these new pathways of ownership, for women who don’t own crypto, they are receiving as a gift, with 58%, redeeming loyalty points for crypto with 37%, and earning crypto instead of loyalty points, with 34%.

As for women who own crypto, 56% say receiving crypto as a gift, 42% say redeeming loyalty points for crypto, and 39% say earning crypto instead of loyalty points.

Another key finding is that data shows that while men were early crypto adopters, women are now outpacing men as first-time purchasers:  38% of women made their first crypto purchase in the past six months compared to 30% of men. In addition, 54% of women crypto owners say they plan to increase their holdings in the next six months.

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Find: How To Become Rich by Investing in Crypto

“The momentum that we are seeing in crypto adoption shows promising signs that the trend will continue with additional education and passive acquisition opportunities such as earning crypto rewards with everyday purchases,” Gordon said.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.

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