Women will drive the next Bitcoin bull market

0
105

Renowned billionaire investor Tim Draper insists that the time will come when women will start raising the price of Bitcoin as more retailers start offering it as a more cost-effective payment option at stores.

Draper, a Bitcoin (BTC) investor himself, told host Scott Melker about the Wolf of All Streets YouTube show last week that women could be key in pushing the biggest crypto by market limit to $ 250,000 per coin.

He argues that as store owners begin to accept BTC as a payment more widely, “suddenly, all women will have Bitcoin wallets and they will buy things with Bitcoin.”

“So you’ll see a Bitcoin price that will only blow through my $ 250,000 estimate.”

Draper believes it is in the best interest of retailers to start accepting BTC sooner rather than later. He acknowledges that most store owners operate at low margins, so the reduced transaction fees compared to working with major credit card companies Visa or Mastercard could increase BTC’s incentives.

The average credit card transaction costs merchants up to 2.9% in store and 3.5% online with a purchase according to CreditDonkey. By comparison, BTC’s average transaction fee comes in at a flat $ 1.4 per transaction based on Bitcoin data compiler BitInfoCharts.

Draper suggests that the advantage to retailers is obvious. He said women “control about 80 percent of retail spending,” and that retailers can save a lot on fees paid to credit card companies by choosing Bitcoin. Women make up 30% of all cryptocurrencies in the United States according to al The State of Consumer Banking and Payments of research firm Morning Consult.

Related: Hodler’s Travel Guide: Which platforms accept cryptocurrency?

The level of adoption Draper expects may not be far off, as Morning Consult found that about 24% of U.S. households own cryptocurrencies, up 2 percentage points from July 2021.

If Draper is right, then it could start a cascading event that would also validate Mastercard CEO Michael Miebach’s prediction that the global SWIFT payment system would not exist in five years. Miebach made the shocking prediction last week at the World Economic Forum in Davos.