SimpleMoneyLyfe, a financial advice company tailored towards younger generations, has compiled key statistics regarding inequalities in the blockchain industry and the American public’s knowledge of cryptocurrency markets.
Having analysed public databases and survey results dating back to November 2019, the study offers comprehensive and up-to-date figures regarding ethnic, gender-based, and financial inequalities facing blockchain industries.
Perhaps the study’s most pertinent findings are in relation to gender disparity. According to Coin.Dance, a cryptocurrency and blockchain data aggregator that mainly uses Google Analytics, 85.77% of engagement in cryptocurrency communities comes from men and only 14.23% from women.
Additionally, through a Statista survey the study found that whilst 78% of male respondents reported being aware of cryptocurrencies, only 71% of females were familiar with the concept.
These two findings indicate there is a dominance of male voices within the cryptocurrency communities.
In terms of ethnic disparities, the study references a different Statista survey which concluded that 80% of white respondents were aware of Bitcoin, compared to 66% of Hispanics and just 61% of African American respondents. The study suggests the reasons for this are complex, and that greater provision of financial education is needed to combat such inequalities.
SimpleMoneyLyfe also investigated millennial engagement with Bitcoin. Citing the findings of a global survey conducted by deVere Group, the study found that 67% of millennials consider Bitcoin to be a superior safe-haven asset than gold. JP Morgan believes younger generations’ interest in cryptocurrencies is one factor that will contribute to the long-term growth of the industry.
Apart from disparities, the study featured insights into the future growth of the blockchain industry as well. It notes that the US is projected to spend $4.2 billion (£3bn) in investments made towards blockchain solutions in 2021.
Furthermore, it predicts that blockchain technologies’ market cap will exceed $40bn (£29.2bn) by 2025.
All statistics are as of 17 January 2021. You can read the full entry here.