Bitget Director Gracy Chen On The Position Of Ladies In The Consistently Evolving World Of Crypto

Within the dynamic and ever-changing crypto area, ladies have regularly made their mark, difficult gender norms and contributing considerably to the expansion and development of the crypto sector. One of many main ladies within the crypto area in the present day is Gracy Chen, the Managing Director of Bitget, a distinguished crypto change and Web3 firm. 

Gracy Chen is acknowledged as an advocate for girls within the crypto world, encouraging their development and participation within the {industry} by rising alternatives for females in Bitget’s workforce. She additionally empowers ladies and ladies in STEM (Science, expertise, engineering, and math) schooling by way of Bitget’s non-profit group, DIY Women.

In a dialog with Bitcoinist, Gracy Chen shared priceless insights on her experiences as a lady within the crypto area and supplied steerage for girls venturing into the {industry}. 

Bitcoinist: What made you determine 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 dearth of illustration of girls in crypto after 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 reminiscent of 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 economic inclusion, so I began investing in main cash like BTC, ETH, and XRP. 

After dipping my toes into the fascinating (and generally loopy) world of digital belongings, it didn’t take lengthy till I grew to become an early investor in BitKeep, now generally known as Bitget Wallet.

Bitcoinist: How would you describe your expertise as a lady within the crypto {industry}? What are a few of the greatest challenges you confronted in your journey to turn out to be a distinguished feminine determine within the crypto {industry}?

Gracy Chen: Once I ventured into the crypto world, the state of affairs was a lot worse than presently. Most of the time, I used to be the one girl on panel discussions throughout 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 generally even annoyed. These unfavourable ideas had been with me throughout conferences and likewise after 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 lady, it’s not sufficient to imagine in your individual management abilities. With the dearth of range in crypto, you might be greater than prone to be negatively impacted by gender-based bias and the stereotypes feminine entrepreneurs come throughout every single day. That is in all probability the explanation why ladies solely managed to raise 2% of the dollars invested in VC-backed US startups in 2021 regardless of an 83% YoY improve within the whole quantity raised.

I’d hear, ‘We’re keen on you and your venture, 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 during which I used to be always dealing with gender-based bias whereas struggling to lift capital for my venture.

As time handed and crypto adoption took off, the state of affairs has considerably improved. However it’s nonetheless removed from best, although. With ladies accounting for only 4.13% of crypto founders and 10% of digital asset fund companions, it’s protected to say that there’s vital room for enchancment on this area. 

I haven’t even talked about the outcomes of a current report, which revealed that 74% of current cryptocurrency holders in the US are men. However due to initiatives like DIY Women — a charity venture initiated by Bitget in collaboration with Juventus gamers Moise Kean and Wojciech Szczesny, which is devoted to selling ladies’ curiosity in STEM schooling — the long run is trying brighter.

Bitcoinist: What would you say are the most typical threats and challenges to ladies coming into investing, and the crypto {industry} specifically?

Gracy Chen: Regardless of demonstrated effectivity on this area, only 33% of women feel confident in their ability to make investment decisions. When it comes to crypto, I imagine this might spotlight the truth that cryptocurrencies are riskier belongings as a consequence of their elevated volatility, and female investors, who’re extra risk-averse and sober than their male counterparts, are much less prone to put money into them. 

Dependable person schooling is critical to beat this problem so extra ladies will really feel assured to enter the area and put money into digital belongings.

Whole market cap sitting at $1.352 trillion | Supply: Crypto Total Market Cap on Tradingview.com

Bitcoinist: What different monetary objectives do ladies pursue by way of investing to showcase their dedication and care, past enhancing their household’s monetary state of affairs or funding their kids’s schooling?

Gracy Chen: Now we have recently published a study revealing that feminine buyers in most markets exhibit a higher willingness to enhance their household’s monetary conditions and fund their kids’s schooling bills or tuition charges by way of crypto investments. These outcomes point out that ladies 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, reminiscent of improved product enhancement and a extra constructive work surroundings. 

As an example, ladies are extra empathetic on the whole than males, which is useful for managers who need to care for his or her groups. A extra numerous and inclusive office with extra involvement from ladies may create a extra open working ambiance the place staff are extra prepared to specific their opinions. It is a vital profit for feminine workers, whose sincere and useful recommendation can considerably enhance firm tradition.

Ladies additionally are typically much less over-confident than males. From a monetary perspective, their more risk-aversive and disciplined nature makes them simpler in investment-related threat administration. In all probability, this is without doubt one of the many the reason why feminine buyers managed to outshine their male counterparts on this area by earning 10% more annual returns between 2017 and 2020.

Regardless of the dearth of illustration of girls within the management of crypto companies, a examine revealed that businesses with five or more female executives had the highest success rates (61%). 

Curiously, the bottom success charges had 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 women within the management, as one other report’s outcomes show a 63% better performance for companies with not less than one feminine founder than these with an all-male founding workforce.

Bitcoinist: What’s one piece of recommendation you’ll give to ladies who’re working in direction of changing 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 imagine this authentic ethos also needs to apply to gender equality, as we’re additionally engaged on constructing an area that’s equally accessible to folks regardless of their gender, race, or faith.

Whereas crypto is a male-dominated market, ladies shouldn’t be afraid to enter. Quite the opposite, it ought to function an incentive so we may be higher represented throughout the {industry}, offering large advantages to the area on the whole. 

Be ready for stereotypical conduct, however don’t let it decrease your confidence or discourage you from changing into a pacesetter or reaching different essential objectives as a lady.

Bitcoinist: What management alternatives for girls do you see within the crypto {industry}, and do you suppose extra must be finished for girls within the {industry}?

Gracy Chen: There are undoubtedly sufficient management alternatives for girls in crypto. Nonetheless, as males dominate the area, ladies should work arduous and learn to defend themselves towards gender-based bias to reap the benefits of these prospects. 

This is the reason I imagine market gamers ought to be part of forces and launch initiatives like DIY Women so we will improve feminine illustration and eventually deal with the problem of gender inequality.

Bitcoinist: The place do you see participation from ladies within the crypto {industry} in 5-10 years? Do you suppose there will likely be kind of curiosity?

Gracy Chen: Primarily based on the findings of the identical examine that exposed that the majority present US crypto holders are males, women account for 53% of the “crypto curious,” a bunch that has reported curiosity in digital asset investments. 

Mixed with the rising variety of initiatives concentrating on women, I imagine 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 area for everybody.

Bitcoinist: For those who had the possibility to resolve one drawback within the crypto {industry}, what would you resolve, and the way would you resolve it?

Gracy Chen: Along with my workforce at Bitget, we’re devoted to tackling the problem of gender inequality throughout the {industry}. Whereas market gamers have made vital progress on this area, 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.

Apart from launching and elevating funds for DIY Women, I’ve created an inclusive and numerous office at Bitget, the place ladies symbolize 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 constructive influence on society.

Finally, I wish to change the way in which women and girls understand careers in crypto. To attain this objective, we have to analysis their preferences, calls for, and the challenges which are presently stopping them from becoming a member of the market. 

On the similar time, crypto companies ought to launch initiatives concentrating on ladies, 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 worth within the subsequent few years?

Gracy Chen: After all, my favourite cryptocurrency is BGB! It stays the best-performing change token in 2023. In accordance with knowledge from a TokenInsight Report, BGB led all change tokens in Q2 and Q1. Apart from LEO, MX, and OKB, all different CEX platform tokens had a unfavourable return. Except for BGB, I’m additionally hodling the OG tokens like BTC, ETH, USDT, and USDC.

Basically, I imagine the bear market is lastly coming to an finish. Contemplating that BTC recently has broken out of the $35,000 level amid BlackRock’s imminent spot ETF approval, the charts appear to point out that Bulls are actually in command of the digital asset {industry}. 

Furthermore, the subsequent Bitcoin halving is barely six months away, which is anticipated to kickstart a significant bull run based mostly on historic worth tendencies. Within the meantime, I anticipate crypto adoption to extend progressively as extra women and men are getting accustomed to cryptocurrencies and their underlying expertise.

Featured picture from Bitget, chart from Tradingview.com