Tim Draper believes women’s purchasing power and the acceptance of Bitcoin in merchant stores could propel the asset to new highs above $250,000.
Tim Draper, a well-known billionaire investor, believes that as more retailers begin to accept Bitcoin as a more cost-effective payment option, the price of Bitcoin will rise.
Draper, a Bitcoin (BTC) investor himself, told Wolf of All Streets YouTube host Scott Melker last week that women could be crucial in pushing the largest crypto by market cap up to $250,000 per coin.
He believes that as more merchants accept Bitcoin as payment, “all of a sudden, all of the women will have Bitcoin wallets and they will be buying things with Bitcoin.”
According to CreditDonkey, the average credit card transaction costs merchants up to 2.9 percent in-store and 3.5 percent online per purchase. According to Bitcoin data compiler BitInfoCharts, the average BTC transaction fee is a flat $1.4 per transaction.
Draper implies that the benefit to retailers is self-evident. He claims that women “control about 80% of retail spending,” and that retailers can save a lot of money by using Bitcoin instead of credit card companies. According to Morning Consult’s The State of Consumer Banking & Payments, women account for 30% of all crypto owners in the United States.
Draper’s desired level of adoption may not be far off, as Morning Consult discovered that approximately 24 percent of American households own cryptocurrency, a 2 percentage point increase from July 2021.
If Draper is correct, it could trigger a chain reaction that validates Mastercard CEO Michael Miebach’s prediction that the global payments system SWIFT will no longer exist in five years. Miebach made the startling prediction at the World Economic Forum in Davos last week.