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Gender is associated with both psychological and demographic factors when it comes to crypto investment, new academic research revealed.

A new study has shed light on the differences between men and women in different aspects of crypto trading and investment, revealing that 60% of women have very limited or no knowledge about crypto assets, a critical element affecting investments, while two-thirds of men have a medium and high level of understanding of crypto.

Better overall knowledge leads to taking more risks, as men follow their investments more frequently than women and do not avoid taking more risks, the study found. A key driver behind women’s tendency to try different investment tools is lower income and a lower level of knowledge about crypto.

The study, accepted by the Journal of Business, Economics and Finance on Dec. 24, argues that gender is a factor that affects the financial investment decisions of individuals. Researchers Çağla Gül Şenkardeş and Ozan Akadur have discussed data obtained via a computer-aided survey conducted in Turkey to reveal gender-related behavioral and psychological differences in crypto.

Şenkardeş has been working as an interdisciplinary academic researcher with a focus on technology and gender. Being an active participant in the crypto ecosystem for over five years, she studied the exclusion of women from the crypto industry with personal observations and specific data collected for the research. Commenting on the study, she told Cointelegraph:

“The male-dominated culture built within the crypto industry becomes visible in both the demographic and psychological factors that affect financial investment decisions.”

Şenkardeş also shared her personal observations that women have a lower level of knowledge about crypto, which, among other causes, leads to a decrease in the investment ratio.

Related: 10 women who used crypto to make a difference in 2021

But there is hope. Şenkardeş noted that there are activist platforms around the globe with the goal to increase women’s participation in the crypto industry both as traders and developers. She said:

“I do believe together with the increasing awareness on a gender-free digital verse, the gap between the female and male crypto investors will disappear.”

As Cointelegraph’s Keira Wright pointed out, current numbers need vast improvements to achieve an equal playing field. A CNBC survey found that women are still less than half as likely to invest in cryptocurrencies than men, with 16% of men investing vs 7% of women.

But the crypto industry has the potential to empower women and give them more control over their finances, Wright concluded, adding that traditional barriers between women and financial freedom are already started to crumble as mainstream adoption takes off.