- 09/12/2022
- Category: Commentaries
Author: Rizka Khairunissa Herdiani
Editor: Jasmine Noor Andhreta Putri
“Tired of listening to ‘crypto bros’ mansplaining about cryptocurrency and reaping most of the economy? Then, it’s time for us girls to take over the crypto world and grab that bag!”
Talks of cryptocurrency in the digital world have taken new heights as women are entering and taking over “the boy’s club.” From Katy Perry to Reese Witherspoon, these celebrities are encouraging other women to dip their toes into investing in cryptocurrency. The reason behind it? They not only want to build gender equality within the space but also transform it into an empowerment tool for women to foster themselves financially and artistically.
While the premise behind this promotion sounds like feminist empowerment, the nature behind it is rather fallacious than it is promised.
The Appeal Behind “Women Empowerment” Through Crypto
Since the rise of cryptocurrency, the demographic of cryptocurrency investors have been predominantly men. According to a survey conducted by Pew Research, men (22%) are about twice as likely as women (10%) to use cryptocurrency.1 However, as time went on and women became more aware of its benefits, many began to kickstart their crypto investing journey and “take over the space.” Findings by Gemini, for instance, showed a different view: the crypto gender gap is starting to close, with 47% of women planning to purchase cryptocurrency globally in 2022. In addition, crypto investments in the Global South are occupied mainly by women than those in the Global North.2
As for benefits, cryptocurrency can also be a space for women-led projects as a way to promote diversity and open accessibility to financial opportunities. When it comes to individuals who invest in cryptocurrency, many assume that they come from entrepreneurship or finance backgrounds. In reality, women from various backgrounds are actually active in investing (or developing) crypto. For instance, women artists began to showcase their talents by minting and selling Non-Fungible Tokens (NFTs) on digital marketplaces. Instead of obtaining all of the profits, some of them direct the proceeds to various social justice campaigns and organizations.3 As for the “gatekeepers” of crypto, women celebrities such as Paris Hilton and Reese Witherspoon not only encouraged women creators, collectors, and investors to actively participate in the crypto community but also provide spaces and platforms to channel their talents and aspirations.45 Moreover, the majority of women chose to dip their fingers into crypto-investment to increase their financial well-being along with gaining financial independence.6 In other words, onboarding women to invest in crypto is seen as an empowerment move by shifting the profits from the male demographic to them.
Criticism of the “Girlbossification” of Crypto
Despite the overwhelmingly positive response, encouraging women to join the “crypto wagon” is seen as problematic. Instead of empowering women, this kind of “power move” is considered the revival of neoliberal feminism or, according to the Gen Z slang, “girlbossification”: “empowering” women who are already privileged instead of those who are in the margins. Thus, imposing the involvement of women is a superficial attempt that failed to question or disrupt the power dynamics within cryptocurrency. Such an instance can be seen in the investment of the infamous NFT Bored Ape by celebrities. While there are women celebrities such as Reese Witherspoon and Paris Hilton who encouraged other women to purchase NFTs and invest in cryptocurrency, the profits are then merely “recycled” within the elite circles.78 In the end, this recreates more similar power structures where the profits are being gatekept by the powerful and influential, regardless of their gender.
Relating to this, the “women in crypto” movement started by these celebrity women ended up as mere performative empowerment as it only self-served the financially privileged (and in some cases, the influential) women and outed those who came from marginalized communities. Instead of advocating for better access to digital infrastructure and digital financial literacy, they ironically “promote” women’s empowerment through NFTs that some of which are uncredited or stolen from other artists.9 In essence, the “advocacy work” for more women’s involvement in cryptocurrency is more or less equivalent to mindlessly throwing around the “gender equality” jargon.
“So, Does That Mean Cryptocurrency is Not An Empowerment Tool?”
Regardless of the rising number of women involved in the crypto investment and its starling promises of financial freedom, it has yet to answer the question of the inclusivity and effectivity of cryptocurrency as an empowerment tool for women. The reality is far from what it is promised by these influential women: those who are not financially privileged are instead “gaslighted” to join crypto investment even though it doesn’t fully guarantee “big gains” due to its precarious nature. Moreover, the profits themselves are already gatekept by them alone, leaving out the women who are trapped in the “false hope” scheme. Thus, considering cryptocurrency as a women’s empowerment tool is like any other utopic promise in the age of digital technology.
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1. Perrin, A., 2021. 16% of Americans say they have ever invested in, traded or used cryptocurrency. Pew Research Center. Available at: https://www.pewresearch.org/fact-tank/2021/11/11/16-of-americans-say-they-have-ever-invested-in-traded-or-used-cryptocurrency/ [Accessed June 7, 2022].
2. Gemini, 2022. Global state of crypto report.
3. Gailey, A., 2022. 6 Women Who Are Changing the Face — and Future — of Crypto. Time. Available at: https://time.com/nextadvisor/investing/cryptocurrency/women-in-crypto/ [Accessed June 7, 2022].
4. Hilton, P., 2021. NFTs: Why I am excited about NFTS: NFT guide. Paris Hilton. Available at: https://parishilton.com/nft/ [Accessed June 16, 2022].
5. Witherspoon, R. (2021) [Twitter] 7 December. Available at: https://twitter.com/reesew/status/1467967292927463427
6. Dabranau, A., 2021. Bitcoin under female thumb: Global study of women in the cryptosphere. BDC Consulting. Available at: https://bdc.consulting/insights/cryptocurrency/bitcoin-under-female-thumb-global-study-women-cryptosphere [Accessed June 7, 2022].
7. Read, M., 2022. Mapping the celebrity NFT complex. Read Max. Available at: https://maxread.substack.com/p/mapping-the-celebrity-nft-complex?utm_source=dlvr.it&utm_medium=twitter&s=r [Accessed June 7, 2022].
8. Hayward, A., 2022. The biggest celebrity NFT owners in the Bored Ape Yacht Club. Decrypt. Available at: https://decrypt.co/86135/biggest-celebrity-nft-owners-bored-ape-yacht-club [Accessed June 16, 2022]. 9. Tiku, N., 2022. Famous women join the crypto hustle, but it could cost their fans. The Washington Post. Available at: https://www.washingtonpost.com/technology/2022/04/06/women-crypto-nft/ [Accessed June 7, 2022].
