Famed crypto and tech investor Tim Draper believes the retail purchasing power of women, paired with Bitcoin acceptance at merchant stores, could send the asset to new highs above $250K.
Renowned billionaire investor Tim Draper insists that a time will come when women begin driving up the price of Bitcoin as more retailers start offering it as a more cost-effective payment option at shops.
Draper, a Bitcoin (BTC) investor himself, told host Scott Melker on the Wolf of All Streets YouTube show last week that women could be key in pushing the largest crypto by market cap up to $250,000 per coin.
He reasons that as store owners begin to accept BTC as payment more widely, “all of a sudden, all the women will have Bitcoin wallets and they will be buying things with Bitcoin.”
Draper believes it is in retailers’ best interest to begin accepting BTC sooner than later. He acknowledges that most store owners operate on low margins so the reduced transaction fees compared to working with major credit card companies Visa or Mastercard could increase BTC’s incentives.
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The average credit card transaction costs merchants up to 2.9% in-store and 3.5% online per purchase according to CreditDonkey. By comparison, the average BTC transaction fee comes in at a flat $1.4 per transaction according to Bitcoin data compiler BitInfoCharts.
Draper hints that the benefit to retailers is obvious. He said that women “control about 80% of retail spending,” and that retailers can save a lot on fees paid to credit card companies by choosing Bitcoin. Women constitute 30% of all crypto owners in the US according to The State of Consumer Banking & Payments by research firm Morning Consult.
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The level of adoption that Draper hopes for may not be far off as Morning Consult found that about 24% of American households own crypto, which is up 2 percentage points from July 2021.
If Draper is right, then it could start a cascade event which would also validate Mastercard CEO Michael Miebach’s prediction that the global payments system SWIFT would not exist in five years. Miebach made the shocking prediction last week at the World Economic Forum in Davos.