Litecoin co-founder and Litecoin Foundation board director, Xinxi Wang, has said despite the increasing bitcoin awareness, elites are still the only ones making use of the digital currency.
The crypto expert and CEO of Coinut Exchange said most of those who buy and use Bitcoin are elites with university degrees and a large number of them are Masters degree holders.
The major problem now, according to Xinxi, is “how to spread it into less well-educated people”, emphasizing that it is necessary to increase the adoption of crypto especially beyond elite.
The Litecoin co-founder also said people with a STEM degree, meaning those who hold degrees in science, technology, engineering and mathematics, “have a much better chance to get into Bitcoin than those with a degree in other areas”.
Bitcoin is still pretty much for elites only. Most Bitcoin buyers have a bachelor's degree, and quite a big percentage of them have a Masters degree. How to spread it into less well-educated people is the next big step. #Bitcoin
— Xinxi Wang (@TheRealXinxi) January 11, 2020
Gender Inequality in Bitcoin World
The cryptocurrency investor observed the gender inequality in the space, saying females have less chance of trading Bitcoin.
“Females have much less chance of buying Bitcoin. Gender inequality is huuuuuge.”
Cryptocurrency is still not widespread, despite the conceived thought by some that it has reached the innermost part of the world.
In Africa for example, a larger population of the continent is still not using bank accounts let alone of bitcoin.
The reduced number of females in the cryptocurrency space, and the fact that men are mostly involved and hold the majority of the Bitcoin wealth, can be traced to many factors.
One is the fact is that there are not enough cryptocurrency awareness, and there is no women-centric capital investment in the blockchain space. These among many other factors reduced the participation of women in the space.
Previously, available data from Coin Dance shows that women have less than 5.3% of the world’s crypto wealth.
The story is changing now as around 12.28% of those who engage with Bitcoin are women. This attests to the fact that the number of women in cryptocurrency have doubled over time.
Women to Drive Bitcoin adoption
Late 2019, billionaire cryptocurrency entrepreneur Tim Draper said women are required in the bitcoin world to drive adoption.
During an interview with BlockTV, the crypto billionaire said by 2022-2023, Bitcoin will see surprising mass adoption, and this is to be pushed by women who are going to be making use of the digital currency.
He said women do around 80% of shopping, and 1 out of 15 Bitcoin wallet is being held by a woman. The moment these women understand that they are wasting an enormous amount every time they buy goods, they will have no choice than to start using cryptocurrency.
“I think the flood gates are about to open because it turns out that women do about 75-80 percent of the shopping and only 1 out of 15 Bitcoin wallets is held by a woman,” Tim Draper said.
So once women realize they are wasting 2.5-4 percent every time they swipe their credit card they will definitely be starting to look for a better solution.