DE&I is Imperative for Web3: Overcoming Crypto Bro Culture

If you still do not know who tf is a crypto bro, this article describes a typical one pretty well. I often meet crypto bros at Web3 events, which I attend in the pursuit of enlightenment and networking opportunities, you know, like a normal person.

And oh boy, do those bros give me more than I ever bargained for every time. Sleazy, sexist comments?

Yep. Related to my appearance, gender, intelligence, marital status, etc.

Mostly, I receive those comments before we even discuss anything of the industry or career significance. Sigh.

In this piece, I explain why the lack of Diversity, Equality, and Inclusion (also known as DE&I) is killing Web3 and why we urgently need to do something about it - all of us, including crypto bros. If they can ever change, of course. In addition, I’ve asked some of the male industry leaders to comment on the topic.

Crypto Bro Culture’s Negative Effects on Web3

Crypto bro culture refers to the hyper-masculine and often toxic culture that dominates the Web3 industry. It is marked by a lack of diversity, an overarching focus on individualism and competition, and a disregard for ethics and social responsibility.

Crypto bros create a hostile environment for individuals who do not fit the dominant male, white, and middle-class archetype. Lack of diversity is widely known to limit innovation.

As Balaji Srinivasan says, "Without diversity of ideas and perspectives, you get stuck in local maxima. People end up optimizing for the same things, and it becomes hard to see new opportunities. If you have a monoculture of thought, you’re going to have a narrow focus on certain issues and miss out on other big opportunities."

Hyper-masculine, competitive cultures create a toxic work environment for everyone other than “the bros,” contributing to high levels of stress, burnout, and even mental health issues for those that can’t or simply do not want to play along.

Glorification of individualism over teamwork and social responsibility often leads to a systemic lack of accountability and transparency in business and makes it easier for bad actors to exploit the system. Practically every recent crypto scandal from SBF on down can trace its roots to a lack of accountability.

Before you interrupt, let me say it for you: “It’s not all men.”

You’re right. My friend used to be on a jury at startup competitions. He often pointed out DE&I issues in his pitch critiques. One time after hearing a pitch for flying cars, he told the founder: "Now try to wear a skirt and get in your flying car."

Milton Guarderas, Hyperlens CEO, is quoted as saying,

"Women in crypto have a lot to offer. It is a shame that some guys are only interested in personal relations with them rather than having an interest in what they have to say or offer to the space."

Slow Progress, But Still a Long Way to Go

Being a part of the team that organizes WOW (World of Web3) Summit, I know dozens of women, people of color, and LGBTQ+ founders who are succeeding. Emerging AI and metaverse tech let you be anything you imagine online. There is definitely some nascent improvement.

"Personally, I'm not a fan of the male dominance in the industry and the “crypto bro culture”, said Jon Peters, Chief Strategy Officer at Kensho.marketing, before adding, “I am happy to see the growing presence of female developers, thought leaders, and C-level executives across the space. I hope the trend continues in 2023 and beyond, and adoption scales faster than that in Web2."

Is the topic of DE&I relevant in 2023?

According to CoinDesk, "Surveys routinely show that at least twice as many owners of cryptocurrency are men than are women. And while this recent article from BlockFi pointed to a pickup in interest among women, there's no undoing the fact that it was predominantly men who got in on the ground floor when BTC, ETH, SOL, et al. were priced at a sliver of where they are now."

Some progress can be seen amongst the underrepresented communities too, as "A USA Today/Harris poll found that 23% of Black Americans and 17% of Hispanic Americans owned cryptocurrencies, compared with only 11% for white Americans. At the same time, artists of color are embracing the non-fungible token market, adding weight to the thesis that previously marginalized classes of creators are using NFTs to bypass traditional funding intermediaries such as film studios, record labels, and art galleries and set the terms of their own success."

"There aren't enough women at the table making important decisions in the world. This isn't a Web3 problem, nor a Web2 problem. This problem was born from the sociocratic constructs over the past few hundred years. But I am overjoyed with amazing women in Web3 cracking incredible ground right now. Sadly, I often state there aren't enough women at the pinnacle moment of decision-making. I predominately get shot down mainly by men still pursuing archaic positions in the old and antiquated structures. Things must change, and quickly!" thinks Jason Peter Stevens, Founder and Chairman at 12 Butterflies.

What Can We Do to Finally Make Web3 an Inclusive Space?

To achieve its full potential, the industry must prioritize diversity, equity, and inclusion (DE&I) by increasing the representation of women, people of color, and LGBTQ+ individuals, fostering a culture of respect.

Web3 communities should actively seek out and support individuals from underrepresented groups, adopt clear codes of conduct and policies around harassment and discrimination, and provide resources such as training and education on DE&I topics, available in my 50 Online Resources for DE&I in the (Web3) Workplace and Beyond.

In my Twitter thread about the Web3 community problems, I highlight the solutions that can improve crypto events, make them more inclusive, and therefore more attractive for networking and collaboration to everyone, not just crypto bros. (Note that I was pretty pissed writing it after I arrived home from a poorly organized crypto event.)

Some of the solutions I’ve listed in the tweet were:

1. Have a purpose (for your community)
2. Give, give, give first (provide valuable content, share knowledge, and create unique experiences for your community)
3. Educate (duh)
4. Receive people with different opinions, levels of knowledge, backgrounds, and social status with the open arms
5. Live, and let live, or create, and let create (this one is also about DE&I), and more

When men stop treating women as outsiders and give them a chance to lead, express opinions, and contribute to business decisions, when underrepresented communities are recognized in the space, when industry professionals and VCs judge others by products they build, not by their skin color, sexual orientation, gender, or background, - then the world will see more progress and unifying Web3 solutions meant for a brighter future.

Only then can we get away from this competitive dirty rat race we’re witnessing today, followed by scam, collapse, and disaster.