The number of women interested in investing in cryptocurrencies has more than doubled since the beginning of the year, a new study has revealed. The study was carried out by the London Block Exchange, a leading crypto exchange in the UK, and found that crypto interest among men had barely changed in the first six months of 2018. The report also outlined some of the defining characteristics that differentiate male and female investors, including levels of collaboration and reasons for investing.
Women Increasingly Interested in Cryptos
The report revealed that the proportion of women interested in investing in cryptos stands at one in eight, or 12.5%. This has more than doubled from the 6% polled in December of last year, reported City AM on June 9. The interest is higher among millennial women, with one in five expressing interest in crypto investment.
While the industry has been a male-dominated field for long, women are making inroads according to Agnes de Roeyer, an analyst at the London Block Exchange who was quoted by City AM.
THERE’S STILL A COMMON MISCONCEPTION THAT CRYPTOCURRENCY IS A GAME FOR MEN, BUT WE’VE SEEN HUNDREDS OF WOMEN SIGN UP FOR OUR EXCHANGE IN THE LAST FEW MONTHS, AND SOME OF THE MOST INSPIRING AND KNOWLEDGEABLE INVESTORS LEADING THE WAY IN THE INDUSTRY ARE FEMALE.The report also looked at the differences in motivation between male and female investors, with many men investing out of the fear of missing out. Women were found to be less likely to invest out of FOMO and invest strategically, taking into account all the pros and cons of the digital currency in which they invest.
Women are likely to consult their friends and family members when making a decision on which cryptos to invest in, the report suggested. On the other hand, men aren’t as collaborative and prefer making the decision by themselves.
Apprehension Toward Cryptos In The UK
An earlier survey had revealed great apprehension toward cryptos in the UK, with 71% of the respondents stating that they wouldn’t use existing cryptocurrencies. The survey found that there is widespread awareness of cryptocurrencies – 92% are aware of the existence of Bitcoin – with the next most popular cryptos being Bitcoin Cash, Ethereum, and Litecoin, respectively.
Interestingly, the UK market responded more positively to the prospect of a digital currency developed by the huge tech firms. Amazon was the most popular choice, with 26% of respondents stating that they would embrace an Amazon-issued digital currency to conduct transactions. Google, Apple and Facebook were the next most popular choices at 19%, 17% and 14% respectively.
The report echoes the results of a survey conducted by London-based trading platform eToro which was carried out between March 2017 and February 2018. The survey found that female investors in the sector only accounted for 8.5% of all investors, while males accounted for 91.5%. Most females were interested in XRP, while Ethereum was the most popular among the male investors. Novice investors with no prior trading experience comprised the majority, accounting for more than 80% of all crypto investors, the report found.
India’s proposed crypto ban is ‘corrupt’ says Tim Draper
- India’s proposed bill is “pathetic and corrupt,” Tim Draper.
- Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies.
Following a leaked bill from the India government proposed a blanket ban on cryptocurrency, Tim Draper, a Bitcoin support and investor in Tezos has come out to condemn the move. The outspoken investor has recently advocated Bitcoin to the government of Argentina. He refers to India’s proposed bill as being “pathetic and corrupt.”
He wrote on Twitter:
“People behaving badly! India’s government banned Bitcoin, a currency providing great hope for prosperity in a country that desperately needs it. Shame on India leadership.”
His comments have not been received well by the people on Twitter with some saying that Draper has not confirmed the developments and is acting on hearsay only. Draper is known for his public support for Bitcoin and freedom to use cryptocurrencies and does not support government involvement in terms of regulating the space.
As reported by FXStreet, a lawyer in India shared what he referred to as the evidence of a draft law that could be used to ban cryptocurrencies in India except for the ‘Digital Rupee,” a digital asset that will be issued and backed by the Reserve Bank of India.
More on India’s leaked draft bill: India’s battle with crypto ban continues: “Digital Rupee” to be only the digital currency
France’s Financial Watchdog Proposes ‘Voluntary’ Regulatory Framework for Crypto Firms
The Financial Markets Authority (AMF), France’s top financial organization, plans to release an experimental regulatory framework for crypto firms later this month, according to a Reuters report.
The rules will include capital requirements, tax mandates, and consumer protection protocols – which “crypto-related firms will voluntarily abide by” in exchange for regulatory approval, reports Reuters.
Anne Marechal, executive director for legal affairs at the AMF, called the experimental arrangement a “precursor” for international crypto-specific legislation, rather than the mismatched application of financial regulations written prior to the advent of the asset class.
This is not the first time France has unveiled a “tit for tat” regulatory scheme. In April, the AMF released a requirement for banks to open accounts for crypto firms that “opt in” to being regulated. Part of the PACTE law, crypto exchanges and custodians were also extended the “option” to attain an operating visa.
At the time, Finance Minister Bruno Le Maire suggested the European Union follow “the French experience” by using the PACTE guidance to set up a “single regulatory framework” for digital assets in the EU single market.
These relatively unrestrictive legal measures were taken to promote the growth of small and medium-size businesses. While some governments, organizations, or industry leaders call explicitly for self-regulation or no regulation, many believe clearer rules regarding the sale, distribution, trading of cryptocurrencies would stimulate, rather than hamper, the industry.
Frederic Montagnon, the co-founder of LGO, a crypto exchange looking to expand into France, told Reuters, “When you are an entrepreneur, the worst that can happen to you is to set up your business where there is no regulation, to see an adverse regulatory framework later imposed that jeopardizes your whole business.”
Marechal said “several” crypto exchanges, custodians, and hedge funds are in dialogue regarding the regulatory framework with the AMF, which is also set to approve “three or four” ICOs.
Specifics will arise when the watchdog publishes the regulatory guidance.
For each U.S dollar in BTC spent on the darknet, $800 is laundered, says report attacking Steven Mnuchin’s claims
Following the crypto-focused briefing by the U.S Treasury Secretary, many have drawn conclusions that best fit their financial interests. But, with Steven Mnuchin linking Bitcoin to enabling illegal activities, hardcore crypto-enthusiasts have taken the criticism personally. In an attempt to dispense of this notion, Messari.io published a detailed report to compare the top fiat’s contribution towards fraud, in comparison to the world’s leading cryptocurrency, Bitcoin.
In the report titled, “Bitcoin in the grand scheme of things,” BTC’s contribution toward illegal activities was dwarfed by the strongest of fiat establishments. Through a combined analysis of data from Chainalysis and United Nations Office on Drugs and Crime, the report claimed,
“For each $ (U.S. Dollar) in BTC spent on the darknet, at least $800 is laundered.”
While this revelation may come as a shocker to traditional financial giants, it is important to note that messari.io has considered the total volume of BTC spent on the darknet, which largely comprises of legitimate transfers.
Further, the one-on-one comparison also showed that global economies recorded an explosive increase in their stock of narrow money [M1] i.e. physical money and digital assets. With the European Union leading this race with 0.87 billion in supply, it’s currently 98% higher than BTC’s total supply expected to be recorded sometime in 2020 (considering BTC’s price to be $10,000).
The report also considered the Federal Reserve’s balance sheet from 2009, the year when BTC was launched. The report revealed that the Fed’s balance sheet showed a currency issuance rate of 13,664%, against BTC’s modest 12 billion.
This report was shared by, @fmoulin7, over a tweet directed towards Mnuchin, which read,
“Just a quick reminder… @stevenmnuchin1”
Most leaders within the cryptoverse expect the U.S. government to allow the use of crypto within the limits set by the nation’s ruling government. The remaining however, retain their optimism for a BTC-dominated future, with or without the support of the government.