Last week, Tim Draper, a well-known billionaire investor, told host Scott Melker on the Wolf of All Streets YouTube show that women might be key to bringing the largest cryptocurrency by market cap (BTC) up to $250,000.
Draper believes that as more stores begin to accept Bitcoin as a more cost-effective payment method, the price of Bitcoin will rise.
He believes that when more businesses accept Bitcoin as payment, all of a sudden, every woman will have Bitcoin wallets and will be buying items with Bitcoin:
“Then you’re going to see a Bitcoin price that’ll just blow right through my $250,000 estimate.”
Draper believes that embracing Bitcoin sooner is in the best interests of retailers. He recognizes that most store owners operate on slim profit margins, so the lower transaction fees compared to dealing with Visa or Mastercard could improve BTC’s incentives.
Fantastic podcast with @TheWolfofAllStreets. I recommend you listen to me at 2X speed. Slow speech day. Important points. #centralafricanrepublic #elsalvador #jeffbezos #bitcoin #freedom #trust https://t.co/nqXD3tLCZY
— Tim Draper (@TimDraper) May 28, 2022
As TheCoinRise reported last year, a survey by payment network Mercuryo outlines that retailers are one of the major crypto payments adoption drivers.
According to CreditDonkey, the average credit card transaction costs merchants 2.9 percent in-store and 3.5 percent online. On the other hand, the average BTC transaction cost is a flat $1.4 per transaction.
Women will drive the adoption rate
The benefit to merchants, according to Draper, is evident. He claims that women “control around 80% of retail spending” and that merchants may save a lot of money by using Bitcoin instead of credit cards. According to Morning Consult’s report The State of Consumer Banking & Payments, women account for 30% of all crypto owners in the United States.
If Draper is correct, it may set off a chain reaction, confirming Mastercard CEO Michael Miebach’s prediction that SWIFT, the worldwide payments system, would struggle to exist in five years.