According to CoinDesk, Pantera Capital recently conducted the largest compensation survey in the crypto industry, involving 502 participants. The results revealed a surprising trend: women in crypto earn more than men, a stark contrast to most other industries. In the U.S., women typically earn 84 cents for every dollar a man earns, but in crypto, women earn about 15% more than men, translating to $1.15 for every dollar a man makes.
This finding is significant for an industry often criticized for its public perception. The only other field where women earn higher pay than men is the “Producers and Directors” group within the entertainment industry. While other advanced degree professions are nearing equal pay, men still outearn women in the Web2 tech industry by a notable margin.
Economic studies have explored factors behind the non-crypto wage gap, such as gender bias in hiring, intra-household labour division, and selection into lower-paying industries. However, the reversed wage gap in crypto suggests that experience plays a crucial role. Women in crypto tend to have more experience and often hold mid-level to senior positions, with over five years in similar roles. In contrast, more men occupy entry-level positions.
Even when controlling for experience, women still out-earn men in crypto. One explanation is that women in crypto are “lindy,” meaning they have overcome significant hurdles, predicting future success. This implies that women who have faced challenges in the crypto industry possess qualities like resilience and high competence, leading to higher pay.
Another theory is that men in crypto are underpaid compared to women. However, this seems unlikely as it would suggest a higher overall number of women in crypto, which is not observed. Additionally, there are not many early-career women in crypto seeking high pay, making this theory less plausible.
The idea that women are more risk-averse and that crypto is a risky career also does not align well with the data. Typically, risk tolerance decreases over time, suggesting fewer experienced women in such a volatile field. However, the data shows a significant presence of experienced women in the industry, making it unclear why there would be such a pronounced effect based on experience levels alone.
The reversed wage gap in the crypto industry may indicate better opportunities for women than in traditional fields. While women will likely continue to face obstacles in this industry, the relatively fair wages in crypto suggest a potential move towards greater gender equity. This progressive trend in the crypto field offers hope for a more balanced future.