BlockFi Survey: Despite Crypto Winter, Women Are Still HODLing

BlockFi’s ‘Real Talk’ survey is a research series focused on understanding changing consumer sentiment towards crypto, investing and related topics. Real Talk’s ‘Women x Crypto’ survey has previously been conducted in in September 2021 and March 2022. It asks female Americans about their current motivations, behaviors and dispositions around crypto investing and financial wellness. The October survey tracks changing attitudes since the first and second Women x Crypto surveys. The survey was conducted on September 20, 2022 with 1,075 female-identifying Americans between the ages of 18 and 65 being surveyed.

A Generational Gap Emerges for Female Investors

The survey found that overall, one in 10 women chose crypto as their first investment, with 17% of Millennial women and 11% of Gen Z women saying crypto was their first investment.

Crypto has even inspired Gen-Xers to invest, with 7% making it their first investment, despite having more time to enter other asset classes than their Gen-Z and millennial counterparts. Overall, one in three (33%) women surveyed cite investing in a retirement vehicle as their first point of entry into the markets, while one in four (25%) of respondents said they have yet to invest.

Source: BlockFi

"The latest edition of BlockFi’s Women x Crypto survey data reveals that many women are looking to the crypto markets to make their first investment,” said Flori Marquez, BlockFi Founder and COO. She says while the younger, digitally-native generations are more likely to adopt crypto, Gen X and Baby Boomers are also open to participating. “It’s exciting to see crypto adoption across generations’” she says. “I’m hopeful that women who have yet to make an investment consider making that first step towards entering the market."

Female Crypto Owners Remain Resilient

Interestingly, despite the sustained market downturn, the survey’s longitudinal results indicate that female investors’ interest in crypto has not significantly decreased. More than one in five women (22%) still intend to buy crypto in the next 12 months, although this is down slightly from 28% in the March 2021 survey. When asked, one in five women said they believe crypto to be a good hedge against inflation. Source: BlockFi

Furthermore, 20% of Gen Z women noted Bitcoin as the best long-term investment when presented with a list of options including individual stocks and real estate. This was twice as many women as Gen X.

BlockFi’s research indicates that the majority of female crypto investors have adopted a buy and hold investment strategy, suggesting a strong long-term outlook for the asset class. When asked specifically what best describes their crypto investment style, the majority of female crypto owners (69%) said they hold crypto and remain hold-only.

Financial Confidence Is Paramount for Women in Crypto

Despite the enthusiasm for crypto assets, BlockFi’s research also found that one in four women said they are not confident in their wealth-building investment strategy, although nearly half (45%) felt financially secure.

Moreover, one in three women reported they often talk about finances in their social circles. And while the vast majority of women report having heard of crypto before, nearly 81% of women still report crypto to be confusing and 77% view it as a risky investment.

Additionally, 21% of women reported feeling welcome in the crypto community. The majority, however, are unsure (52%), indicating a lack of knowledge around the community rather than it being seen as unwelcoming.

Overall, Marquez says the results show strong belief in the sector, despite the current bear market. "The crypto landscape and the number of players look completely different than it did six months ago,” she says, “and yet the faith in the crypto markets and its potential as a long-term investment strategy remains.”