The crypto market downturn is proving a difficult storm to weather for both investors and businesses alike in the industry. However, according to new data, this hasn’t stopped women from being bullish on crypto.

A new survey conducted by BlockFi, a crypto trading and investment platform, asked women across the United States about their views of and participation in the crypto industry between September 2021 and March 2022.

According to the findings, one in 10 women chose crypto as their first investment, with 17% of that being Millennial women investors and 11% Generation Z. Findings even revealed that of the women surveyed, 7% of Generation X, which includes individuals born between 1965 and 1980, reported crypto as their first investment.

However, as past data has revealed, more education and clarity surrounding the space is needed to make investors feel secure and confident in their investments.

The survey highlighted that while an overwhelming majority of surveyed women (81%) have heard of crypto, 77% still view it as a risky investment.

Flori Marquez, founder and chief operating officer of BlockFi, echoed the sentiment that education is key to bringing more women into the space:

“Knowledge drives empowerment and confidence.”

Despite the barriers, both market- and education-wise, many women still see a place for themselves in the industry. Over one in five (22%) said they have the intention to buy crypto in the next year. 20% of Gen Z women called Bitcoin the “best long-term investment” among others in a lineup of investment choices.

Related: US lawmakers say crypto industry has a ‘tech bro’ problem hurting innovation

Data from the BlockFi survey showed that women are indeed here to hodl, with 69% of female crypto owners saying they hold crypto and remain hold-only. 

Marquez said the current downturn of the crypto market is the perfect time to build on these communities of female hodlers.

“The best building happens during bear markets. It’s imperative that we utilize this time to build products and communities that are inclusive to all investors.”

Back in May of this year, billionaire Tim Draper insisted that the next bull market will be driven by adoption from female investors.