We report the cross-sectional survey results from Pantera Capital regarding salaries in the blockchain industry. The survey included 502 respondents from the general population, making it the largest of its kind to date.
Our analysis found that the gender pay gap in the crypto industry is the opposite of the usual trend—women in our sample earned more than men.
Methodology
This study employed a two-stage research design to address potential issues of multiple hypothesis testing and p-hacking. Preliminary observations from the previous year’s survey served as a pilot study, informing the current research.
Pilot Study (Previous Year)
The exploratory data analysis from the prior survey noted a gender pay gap, but it was not reported as a finding due to the risk of false positives from multiple comparisons. This approach aligns with best practices to avoid Type I errors and publication bias.
Based on the pilot data, we conducted a priori power analysis to determine the sample size needed to detect hypothesized effects in this year’s survey. These results are presented here.
Confirmatory Analysis
The current study serves as a confirmatory test. This approach allows for more reliable interpretation of p-values, as it is not influenced by multiple comparisons or post hoc hypotheses.
By adopting this two-stage method, we avoided the need for multiple comparison corrections, such as the Bonferroni method, which is appropriate in single studies testing multiple hypotheses. Instead, our approach aligns with the concept of “out-of-sample validation” in predictive modeling, enhancing the robustness of our findings.
This methodological framework strengthens the validity of our results and provides a model for rigorous hypothesis testing in exploratory fields like cryptocurrency research.
Survey Methods and Results
Data collection occurred from June 4 to July 20, 2024, using a web-based survey disseminated through professional networks (LinkedIn), social media platforms (X), newsletters, and email. The sample consisted of 502 self-identified male or female U.S. respondents, with only full-time employees included in the analysis.
Analysis of median base salaries showed that women in cryptocurrency companies earned 14.67% more than men. The median base salary for women was $172,000, while for men it was $150,000. Thus, women earned $1.15 for every dollar earned by men.
This difference was statistically significant (Mann-Whitney U test, p < 0.05), contrary to the general labor market trend where women usually earn less than men. Through regression analysis, we also observed an average difference favoring women (p < 0.05).
This finding challenges the narrative of a gender pay gap where, in non-crypto companies, women typically earn $0.84 for every dollar earned by men.
Further Analysis
A closer examination of occupational groups revealed that producers and directors in the entertainment industry were the only other field where women’s earnings surpassed men’s. While other high-degree professions have nearly equal pay, the reality is that even in the Web2 technology industry, men significantly out-earn women.
This reverse wage gap may partly be attributed to differences in experience levels between genders. Women in the crypto industry tend to be more experienced, often holding mid-to-senior level positions with over five years of experience in their current roles. In contrast, more men occupy entry-level positions as they transition into the crypto industry.
This “reverse” wage gap may indicate that the crypto industry offers better opportunities for women compared to traditional sectors. It is important to recognize that women in this industry may still face obstacles and challenges.
However, the relatively fair compensation in the crypto industry suggests that gender equality is progressing, marking a positive trend in this emerging field.
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