Crypto’s ‘Bro’ Culture Problem and Andrew Tate’s New Token

YEREVAN (CoinChapter.com) — Andrew Tate is facing human trafficking and rape charges. However, he is allowed to leave Romania while awaiting trial. Rather than laying low, Tate is promoting his Solana-based ‘memecoin,’ named DADDY. In a recent post on X, he announced,

“I am free,”

and detailed his plans for a global tour, including stops in Tokyo, Dubai, and Miami.

Tate is not the only celebrity using memecoins to enhance their brand and earn money. Since June 11, Tate has been promoting DADDY, which quickly reached a market capitalization of over $217 million.

Crypto’s ‘Bro” Culture, Andrew Tate’s DADDY Coin and Crypto’s Misogyny Issue

Tate launched DADDY to rival Iggy Azalea’s $MOTHER, aiming to promote “the patriarchy.” He stated,

“We’re bringing the Gs back make me a sandwich females.”

DADDY now trades at a value five times greater than Azalea’s token, according to CoinGecko.

While not everyone in crypto shares Tate’s views, the popularity of his coin underscores a lingering issue with misogyny in the industry. Despite the sector’s growth and appeal to mainstream investors, the “crypto bro” culture persists.

The Male-Dominated World of Crypto Users

The term “crypto bro” echoes the “tech bro” stereotype from Silicon Valley. It describes the male-dominated nature of the industry. A 2021 survey revealed that only 5% of crypto users globally were women.

As a female reporter entering the crypto space in 2024, the “crypto bro” culture is evident. Although it means no lines at the bathroom during conferences, there are few female founders. Despite conducting over 100 interviews this year, finding women in leadership roles is rare.

Notable Women in Crypto and the Masculine Industry Dynamics

Successful women in crypto include He Yi, co-founder of Binance, and Katherine Breitman, co-founder of Tezos. Other notable names are Caitlin Long, founder and CEO of Custodia Bank, and Nicole Muniz, CEO of Yuga Labs. At Coinbase, Alesia Haas and Emilie Choi hold significant roles as CFO and COO, respectively. Mary-Catherine Lader leads Uniswap Labs as COO.

These women have made significant contributions, but they remain exceptions in an industry deeply entwined with masculinity. Professor Alexis Henshaw notes that men’s higher risk tolerance could be a factor. However, Professor Dan Cassino argues that crypto is marketed to emphasize traditionally masculine traits, such as mastery of complex systems and defiance of power structures.

Memecoins and the Appeal to Young Men Seeking Community

Memecoins like DADDY, DOGE, PEPE, and SHIB reflect a desire to join a community bonded by shared risk and anti-establishment sentiment. These coins appeal to young men, similar to the memestock enthusiasts of the GameStop saga.

Nathaniel Popper’s book “The Trolls of Wall Street” details how socially isolated young men turned to memestocks as an outlet. This phenomenon is mirrored in the crypto space, where young men seek a community to push back against perceived threats to masculine identity.

The Gender Gap in Crypto Leadership, Crypto’s ‘Bro’ Culture and Its Cultural Impact

Today, just 6% of crypto CEOs are women. Men are still three times more likely than women to own crypto, and 70% of users are under 40. Despite the presence of institutional investors, the retail market’s tone is still set by young men.

A recent report highlighted that young men have become more conservative since 2014, coinciding with crypto’s rise. Facing societal changes and higher female college attendance, some young men turn to figures like Tate and crypto for a sense of traditional masculinity and financial freedom.

Memecoins dominate the current market revival, merging finance, internet trends, and gambling. They symbolize the ongoing influence of ‘bro’ culture in crypto, even as the industry seeks broader acceptance and regulation.

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