Crypto's Gender Disparity ⚠️
Crypto takes spotlight on the big stage, but it is also struggling with sexism. Marathon buys $100M BTC. Stablecoin market cap hits $164B. Solo miner's $200k reward. Buy Ferrari with crypto in Europe.
Hello, y'all. Introspect. Always.
The biggest Bitcoin conference got underway in the US.
Spot Ethereum got approved a couple of days ago.
It’s all going great for crypto, right?
NO.
Not quite. Not at all in fact.
Despite the positive vibes, Bitcoin (BTC) and Ether (ETH) have seen declines of 5.5% and 10%, respectively, this week.T
The downturn in BTC and ETH prices is attributed to a "sell the fact" reaction following the launch of spot Ether ETFs in the US on July 23.
A 3.7% drop in the Nasdaq 100 index on July 24, which erased $1 trillion in market value.
It’s not about that though, today.
Another question. Important one.
Does crypto struggle with sexism?
The Bitcoin 2024 conference in Nashville, Tennessee from July 25-27, has put the spotlight on the ongoing issues with gender representation in the cryptocurrency industry.
DL news story: Trump puts spotlight on Bitcoin 2024 where men outnumber women speakers almost nine to one
Low female representation among speakers: Only 13% of the speakers at Bitcoin 2024 are female-presenting, a decline from 17% five years ago.
This reflects a broader trend of underrepresentation of women in tech and finance, where they constituted about 25% of keynote speakers globally from 2016 to 2018.
Industry-wide gender disparity: The cryptocurrency sector has been criticised for its gender imbalance, with all 17 of the wealthiest crypto billionaires being men.
A report from the Association of Women in Cryptocurrency found that 82% of surveyed women in the industry believe it is not free from harassment.
Notable speakers and controversies: The conference features speakers with controversial backgrounds, including Trump, who has faced multiple allegations of sexual misconduct, and Russell Brand, who has been questioned regarding sexual assault allegations.
Efforts for inclusion: In response to the gender disparity, Bitcoin 2024 is hosting a "Women’s Brunch" to foster discussions around women's roles in the industry.
Comparison with other conferences: The gender disparity at Bitcoin 2024 is stark compared to the Consensus conference, where 26% of speakers were female in 2024.
Calls for change: Amanda Wick, founder of the Association of Women in Cryptocurrency, emphasised the need for conferences to pledge against all-male panels, known as "manels," to promote gender inclusion.
She highlights that the lack of female speakers is a persistent issue that needs addressing.
“The lack of women speakers at crypto conferences is nothing new. We need conferences, especially those lacking women speakers, to also pledge if this industry is serious about seeing meaningful and impactful change.”
From federal prosecutor to head of legal at Chainalysis, Wick left Chainalysis in 2022 to found the nonprofit that advocates for women in web3.
“Crypto, pardon the pun, loves a token. And there were like five women that you would see over and over and over. Something about tech, and especially crypto and blockchain, doesn’t surface the women in the industry as much as the men.”
Sexism and harassment in the crypto industry: Like other male-dominated fields such as Wall Street and Silicon Valley, the crypto industry faces issues of sexism and harassment.
Crypto as an election issue: With the rise of crypto ETFs and its increasing mainstream acceptance, digital assets and blockchain technology have become hot topics in the 2024 US presidential election.
The gender equality issues raised by Vice President Kamala Harris' sudden campaign will test the industry's willingness to address its bro-heavy culture.
Corporate efforts and maturation of discussions: Maggie Love, a tech and web3 veteran, has seen greater corporate interest in her business SheFi, which provides crypto education for women and non-binary individuals. Asset management giant Fidelity Investments, led by CEO Abigail Johnson, is among her clients.
While crypto's gender disparity has antecedents in the boys club cultures of Wall Street and Silicon Valley, the industry must address these issues to maintain a responsible corporate image.
Wick has seen some progress, such as when a firm dropped a partner after it hosted a lewd-themed party during an industry conference.
Wick argues that excluding diverse perspectives can lead to problems, as seen with the FTX collapse.
Promoting safer workplaces and inclusive practices will benefit the crypto industry as a whole.
“When you exclude a bunch of people who are historically the ones that identify, manage, and surface risk … you get a room full of crypto bros committing crimes.”
Wick has also observed a "maturation" in discussions around sexism among crypto CEOs and trade organisations.
Read: Crypto struggles with sexism just as the industry becomes an election issue
Block That Quote 🎙️
The CEO and chairman of Marathon Digital, Fred Thiel.
“… we will go full HODL.”
Marathon Digital Holdings, the world's largest Bitcoin miner, has acquired $100 million worth of Bitcoin over the past month as a strategic treasury reserve asset.
The company plans to go "full hodl," a crypto slang for "hold on for dear life."
With the newly acquired Bitcoin, Marathon's holdings have surpassed 20,000 BTC worth over $1.28 billion.
Marathon did not sell any of its Bitcoin holdings in June, despite a month-long decline in Bitcoin prices.
The company's Bitcoin selling patterns can have a significant impact on Bitcoin's price, especially since the 2024 Bitcoin halving.
In The Numbers 🔢
$164 billion
The market capitalisation of stablecoins.
The first significant increase since the Terra collapse in May 2022, according to DefiLlama and Wintermute.
Why does it matter? Stablecoins are essential for many crypto trading strategies. These digital currencies are pegged to external references like the US dollar, helping investors mitigate market volatility.
Tether's USDT leads the sector with a market cap of $114.26 billion.
Investor optimism: The growth in stablecoin supply indicates renewed investor confidence, with funds being deposited into on-chain ecosystems to stimulate economic activity and potentially drive price appreciation.
Riot Acquires. Solo Miner Hits A Jackpot
Riot Platforms has acquired Block Mining, a Kentucky-based bitcoin miner, for $92.5 million to expand its mining operations.
The deal was financed with $18.5 million in cash and $74 million in Riot common stock.
Operational capacity increase: The acquisition is expected to add 60 megawatts (MW) of operational capacity immediately, with plans to expand to 110 MW by the end of 2024.
Growth target: Riot aims to increase its total potential power capacity to 2 gigawatts and reach a growth target of 100 EH/s.
Mining performance: In June, Riot earned 255 BTC, a decrease from 460 BTC in June 2023, attributed to the recent bitcoin halving event.
Stock performance: Riot's shares closed down 5.31% on Tuesday, with a year-to-date drop of 24.79%.
Solo miner beats the odds
A lone Bitcoin miner hit the jackpot by processing block 853,742 on the network, earning a 3.19 BTC reward worth around $210,000.
The odds of a solo miner completing a block is greater than 5,000-to-1.
This rare occurrence highlights the potential for individual miners to strike it big in the competitive Bitcoin mining landscape.
Back in April, a solo miner also won big by solving a block and taking home a $218,544 reward.
The Surfer 🏄
Ferrari will expand its cryptocurrency payment options to its European dealers this month, following a successful US launch. The company will accept Bitcoin, Ether, and USDC, aiming to reach more international dealers where crypto is legally accepted.
Fold, a Bitcoin rewards app, plans to go public via a $365M SPAC merger, valuing it at $365M pre-money with 1,000+ BTC expected on its balance sheet post-transaction. The deal would see Fold listed on Nasdaq with legacy shareholders owning ~71% of the combined company.
Proton has launched its open-source Proton Wallet, allowing users to send Bitcoin via email while emphasising security and self-custody. To simplify Bitcoin access for newcomers, ensuring users retain control over their private keys.
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how in the hell is women not being interested in something, "Sexism".... are you alright? is your brain ok?