The gender pay narrative in crypto now appears to be taking a surprising turn, according to a recent study from Pantera Research Lab. In the reportPantera revealed that women in the cryptocurrency industry earn significantly more than their male counterparts. This discovery suggests a general progressive shift towards gender equality that contrasts with that in traditional sectors.
The Shift and the Factors Behind It
Diving deeper into the report, the findings of the Pantera Research Lab study reveal that the average annual salary for female workers in the US in the digital currency sector amounts to $172,000, compared to $150,000 for men.
Related reading: Kamala Harris’ crypto stance questioned as she mulls anti-crypto VP pick
This 15% pay gap in favor of women is quite remarkable, especially when you put it into perspective. According to Pantera, the $172,000 is equivalent to $1.15 women earn for every dollar men earn.
Meanwhile, in non-crypto companiesPantera noted that “a woman generally earns $0.84 for every dollar a man earns.” The reasons behind this wage inversion are multifaceted. One explanation offered by the research is the higher average tenure of women in the crypto industry — 5.3 years versus 4.5 years for men — which may contribute to the fact that they hold more middle-management positions than higher functionsThis greater presence in higher positions could explain the observed salary increases.
The report stated:
This inverse pay gap can be partly attributed to the different experience levels between the genders. Women in crypto tend to be more experienced, often holding mid- to senior-level positions with more than five years of experience in their current role. In contrast, a higher proportion of men hold entry-level positions when they transition into the crypto industry.
The catch
Pantera’s survey, conducted online from June 4 to July 20, 2024, collected responses from 502 full-time professionals in the U.S. The survey was distributed through a variety of channels, including LinkedIn, X, and industry-specific newsletters, ensuring a broad and diverse respondent base.
Despite these positive salary figures, challenges remain. The research shows that women are still underrepresented in the highest echelons of leadership within the industry.
Of the top 50 crypto CEOs in 2023, only three were women. This underrepresentation at the leadership level highlights the continued barriers women face in achieving the highest levels of professional success in crypto.
Regardless, the fact that women currently earn more than men in the digital currency industry shows a stark contrast to traditional industries, where there is no gender pay parity.
Pantera concluded in the report:
The ‘reverse’ wage gap could suggest that crypto offers better opportunities for women compared to traditional sectors (…) the relatively fair wages in crypto suggest a move towards more gender equality, marking a progressive trend in this fairly new field.
Main image created with DALL-E, chart from TradingView