Financial independence is a key motivating factor behind Cryptocurrency investment decisions made by women, followed by the probability of high returns and potential utility, according to a survey report by cryptocurrency exchange WazirX.
The survey conducted featuring 400 female crypto holders showed that 45 per cent of women in the age group of 45-60, 41 per cent in the age group of 18-30, and 34 per cent of women between the ages 30-45 invested in crypto for financial independence. This has been a trend globally where women have chosen crypto for personal wealth creation and portfolio diversification, the report noted.
According to the survey, 19 per cent of respondents invested in Crypto because of combined factors of high returns and potential utility. 25 per cent of women feel that with crypto investment, they are socially appreciated for trying new forms of financial assets; 15 per cent feel that they are considered financially knowledgeable; 10 per cent feel that they are perceived as knowledgeable of the latest technological developments.
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In addition, 6.8 percent feel that a combination of the above three scenarios is applicable to them after investing in Crypto. However, 26 per cent feel that crypto investment has not had an impact on their social standing.
The survey also revealed that respondents want more social media information, news articles, and awareness programs, in order to boost the level of knowledge in crypto. While the imposition of taxes and the bear market have impacted trading in India, female investors continue to be bullish about this sector.
The highest number of signups among females came from the age group of 25 – 35 in the last two years. It was 51.02 per cent and 44.28 per cent in 2021 and 2022 respectively. Closely following are female users between 36 – 50 with 29.98 per cent and 32.54 per cent in 2021 and 2022 respectively, the report further noted.
SilverGate Capital Exposure
Meanwhile, cryptos went down today on the concerns that Silvergate Capital, a crypto friendly bank, may implode, notes Coindeck.
Bitcoin (BTC) wobbled a bit early Thursday as crypto-friendly bank Silvergate Capital (SI) shed more than 50% of its value on worries it may not survive, but turned upward in afternoon trading and is now higher by 0.4% over the past 24 hours at $23,500. California-based Silvergate said in a filing late Wednesday that ??the impact of recent events – notably the FTX exchange collapse and subsequent regulatory inquiries – raised questions about the bank’s ability to “continue as a going concern.” The news led to at least two sell-side downgrades and a wide range of crypto firms pulling their business from the lender. Shares were down 58% shortly before the close of Thursday trade.Unlike, for instance, the FTX collapse in November, which sent bitcoin plunging to multi-year lows, the looming concerns on Silvergate had little effect on the world’s largest cryptocurrency by market value. The price of bitcoin on Thursday remained in the mid-$23,000 area.