Renowned billionaire investor Tim Draper insists there will come a time when women will start driving up the price of bitcoin as more retailers offer bitcoin as a lower-cost payment option in stores.
Draper, himself a Bitcoin (BTC) investor, told host Scott Melker on the Wolf of All Streets YouTube show last week that women could be the key to taking the largest crypto by market cap to $250,000 per coin.
He argues that when shopkeepers start accepting BTC more widely as payment, “suddenly all women will have bitcoin wallets and will buy things with bitcoin”:
“Then you will see a bitcoin price that will easily exceed my $250,000 estimate.”
Draper believes it is in retailers’ best interests to start accepting bitcoin sooner rather than later. He concedes that most shopkeepers operate on low margins, so the lower transaction fees compared to working with major credit card companies Visa or Mastercard could increase BTC’s incentives.
Awesome podcast with @TheWolfofAllStreets. I recommend you listen to me at double speed. Slow Speech Day. Important points. #centralafricanrepublic #elsalvador #jeffbezos #bitcoin #freedom #trust https://t.co/nqXD3tLCZY
— Tim Draper (@TimDraper) May 28, 2022
The average credit card transaction costs merchants up to 2.9% in-store and 3.5% online per purchase, according to CreditDonkey. In comparison, the average BTC transaction fee is a flat $1.4 per transaction, according to bitcoin data compiler BitInfoCharts.
Draper points out that the benefit to retailers is obvious. He said that women “control about 80% of retail spending” and that by choosing Bitcoin, retailers can save a lot on fees paid to credit card companies. According to The State of Consumer Banking & Payments by research firm Morning Consult, women make up 30% of all crypto owners in the United States.
Related: Hodler’s Travel Guide: Which Platforms Accept Cryptocurrencies?
The level of adoption that Draper is hoping for may not be far off, as Morning Consult found that about 24% of American households own crypto, up 2% from July 2021.
If Draper is right, it could trigger a cascade that would also confirm 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.
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