Data Snapshot: Women More Skeptical About Cryptocurrency Than Men

Cryptocurrency is here, whether you were wishing for a new form of money or not. But the currency form’s somewhat ethereal, indefinable nature is miles away from the idea of socking away money in a mattress, and a substantial amount of skepticism exists around the subject – as would surely be the case with any radical new form of currency. We asked employees, “Is cryptocurrency a scam?”

The information comes from the latest reading of an ongoing study by Comparably. Over 1,000 employees nationwide responded to the question.

Woman are noticeably more skeptical about the prospects of cryptocurrency than their male counterparts. This could be chalked up to any number of circumstances, but its worth noting that these numbers do align with certain shopworn cliches regarding the presumed tendencies of the sexes towards, respectively, reckless invention and caution.

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Hispanic/Latino respondents were the least concerned of all ethnicities, with African-Americans conversely displaying the most caution of any group. Caucasians on the whole are more in line with African-American and overall female responses than they are with male responses (as seen above.) Asian/Pacific Islanders were also less cautious about cryptocurrency than most groups.

Executives and HR, who often respond most positively in these data surveys, were the least worried about the potential negative fallout of cryptocurrency. On the other end of the scale, just over half of the workers from Operations were suspicious of the new currency. IT, which may have been exposed to ideas of cryptocurrency early thanks to the nature of their jobs, were close the middle of the pack with 45% saying they were skeptical.

Employees from the tech rich San Francisco Bay Area, many of whom have already invested plenty of time dealing with cryptocurrency, were notably confident about the new payment form – just 36% are worried about the currency’s validity. Responses from New York, another finance-forward town, were also relatively unworried. Most skeptical were employees from two cities in Texas: Dallas and Houston.

Those with less rarified education levels are more suspicious about cryptocurrency potentially being a scam than those with Bachelor’s and Master’s degrees. This is somewhat the opposite of what we might expect to see, until we take into consideration that conspiracy theories tend to be more embraced by the less-educated. Those who completed higher education levels are, in this case, more likely to be familiar with the real ins and outs of crypto.

Women are more skeptical than men about the issue in most departments, but a few cases where the opposite is true stand out. Women in Business Development and Legal are far less insecure about the nature of crypto than men. Women in HR are also less concerned than their male counterparts. Note also that a large gulf exists between female and male executives on this issue.

Latest reading as of Nov. 1.

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