Shedding the “Blockchain Bro” stigma

A central promise of blockchain is that it can democratize information, putting it in the hands of the masses rather than a small group of elites. Ironically, the blockchain space is currently dominated by a relatively small group of men who determine the technology’s future uses, accessibility, and culture. This past February, Nellie Bowles, tech writer for the New York Times published an article, Women in Cryptocurrencies Push back Against ‘Blockchain Bros,’ to highlight the issue. One example from the article was the 2018 North American Bitcoin Conference, at which the male-to-female ratio of speakers was 84 to 3 and the official conference party was held at a strip club.

Bowles’ article does address some of the triumphs women are making in the industry, but it focuses primarily on the negative aspects of the budding blockchain bro culture. It’s important to address the gender discrepancy in blockchain, but we must be careful that the conversation does not overlook the positive contributions women are making or discourage women from entering the blockchain world at all. To effectively increase participation of women in the blockchain sector the conversation needs to shift toward the positive outcomes of female involvement in blockchain rather than the general lack of women in the field. 

Women in Blockchain

Female participation in workshops and groups demonstrate that women are showing significant interest in blockchain. For example, as stated in Bowles’ article, Silicon Valley entrepreneur Brit Morin hosted an event to educate women on blockchain and cryptocurrencies. The original event sold out in an hour, so the venue was expanded to host 500 women, which also sold out. The event was eventually live-streamed to an incredible total audience of 16,000.

Women are also creating organizations to encourage others to get involved in blockchain. For example, Collective Future is an organization that aims to promote knowledge-sharing and increase diversity in the blockchain and cryptocurrency arena through mentorship, investment, and their Blockchain Inclusive & Diverse (BID) Pledge. Another example is CryptoChicks, a non-profit organization that hosts classes on blockchain for women.

A number of women do currently hold leadership positions at the forefront of the blockchain world. Jalak Jobanputra, cited as a “Top 5 Investor Powering the Blockchain Boom,” is the chair of Collective Future and founder of investment firm Future Perfect Ventures, one of the early firms to invest in blockchain. Leanne Kemp is the founder and CEO of Everledger, a start-up firm that uses blockchain technology to track the supply chain of valuable assets such as diamonds. Amber Baldet is the lead at J.P. Morgan’s Blockchain Center of Excellence, Joshua Ashley Klayman is the Chair of Wall Street Blockchain Alliance, and Elizabeth Rossiello, is the CEO and Founder of BitPesa, a start-up firm that uses blockchain technology to lower the cost of payments to and from Africa.

Let’s Change the Conversation

We can’t let the negativity associated with blockchain bros triumph over the successes women are already having in the blockchain world. Nor can we allow the blockchain industry to fall into the systemic trap of an unequal gender divide typical of the tech industry. If we continue to emphasize the blockchain bro culture and the hostile environment it fosters, women will only feel more unwelcome in the industry and be deterred from getting in on the action. We need to change the tone of the conversation from one that highlights male domination in the industry to one that emphasizes the current and future successes of women.

It is especially important that we do not let bro culture language deter women from entering the sector while blockchain is still in its infancy. As Jobanputra states in Bowles’ article, “the early days are what decides the culture of the industry and who gets involved in making the decisions.” Additionally, McKinsey & Company estimate that blockchain can add $80 to 110 billion of value to industries that fall under seven “genuine use cases” for blockchain. With this amount of projected wealth, women have an important role to ensure that blockchain is developed for all possible end uses and that the wealth generated does not end up concentrated in the hands of just a few men.

By highlighting the bro culture, we inadvertently succumb to it. While blockchain is still in its infancy, let’s shift the conversation to encourage diversity and break out of the gender inequity trap of the tech industry once and for all.