«The Men’s Club»: Gender Inequality in the Cryptocurrency Market

Today, the use of cryptocurrencies is becoming increasingly popular both in Russia and around the world. But as we continue to observe the success in raising funds of various cryptocurrencies, the growth in the number of applications on blockchain technology, there is also a trend – a high gender asymmetry in the industry. Studies show that women make up only 8.5% of all investors in the cryptocurrency market. Cryptocurrencies are a new kind of virtual money. Money, its social values and the similarity/difference of treatment practices between men and women are one of the best indicators of gender (in)equality in society. The main purpose of this research was to describe the patterns of financial behavior of men and women with cryptocurrencies. As part of the study, we conducted a theoretical review of gender differences in financial behavior, differences in the behavior of men and women in the crypto-currency market, and also considered cryptocurrencies as one of the types of money, using modern approaches to the study of money, in particular, V. Zelizer. The empirical chapter of the study is based on the logic of a qualitative approach and is presented by the analysis of 18 semi-structured interviews. On the one hand, we have considered cryptocurrency practices, motivation, market participation goals, cryptocurrency literacy. On the other hand, we looked at how informants see the picture of gender asymmetry and how they rationalize it. Our task was to try to combine their real experience, which they talk about, with their ideas about the situation on the market, and see how they match.