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(Kitco News) – Investing in crypto is becoming a more popular option for women, according to a new survey from IsraeleToro. The US-based investment company recently released the Retail Investor Beat report, which found that the percentage of women who own cryptocurrency rose from 29% to 34% between the third and fourth quarters of last year.
The survey included approximately 10,000 retail investors from 13 countries. It showed that cryptocurrency is now the second most female-owned asset class after cash, indicating that it is doing better than traditional financial markets in attracting women.
Tim Draper, a well-known crypto advocate, predicted late last year that the adoption rate of women would grow to $250,000 by 2023. He believes that this is mainly due to the fact that the price of Bitcoin will be worth $250,000 at the end of the year.
“My guess is that since women control 80% of retail spending, and only one in seven bitcoin wallets are currently in the hands of women, the dam is about to break,” Draper told CNBC. The results of eToro’s survey seem to suggest that his prediction may be correct.
Although the asset class was underperforming in 2022, there was an increase in adoption in the fourth quarter. The share of retail investors holding crypto rose from 36% to 39% quarter-over-quarter. “This was partly driven by a slightly older cohort of investors apparently looking to buy the dip,” according to the report.
The survey found that the share of cryptocurrency holdings by retail investors aged 35-44 was up five percentage points to 53% and 36%, respectively. The top reason for investing in cryptocurrency was the potential for high returns (37%). 34% of respondents said they believe in the power and potential of blockchain technology and see crypto as a transformative asset.
However, a majority of respondents (61%) are still wary of investing in cryptocurrency. 50% of respondents cited the perceived risk as the reason they did not invest, while 30% cited lack of strong regulation.
“From what we can see, many retail investors are taking a ‘wait and see’ position when it comes to technology and crypto,” said Ben Laidler, global markets strategist at eToro.
Although the majority of respondents are still avoiding cryptocurrency, the data shows that this is gradually changing, especially with the increase in adoption by companies. A recent survey by Casper Labs found that 90% of the 603 participating companies indicated that they had already implemented blockchain in some way.
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