Tim Draper, a renowned billionaire investor, believes a time will come when women will begin pushing up the price of Bitcoin. This is likely to happen when more retailers offer the popular crypto as a more cost-effective payment option at shops.
Draper told a YouTube show The Wolf of All Streets last week that women could play an important role in pushing BTC’s price. If store owners accept the popular crypto as payment more widely, all the women will have Bitcoin wallets. They will begin purchasing things with it. As such, the price of Bitcoin will blow right through the $250,000 estimate.
The investor sees it in the retailers’ best interest to start accepting the digital currency sooner than later. But Draper also acknowledged that most store owners operate on low margins. On the positive side, reduced transaction fees compared to working with major credit card companies like Visa or Mastercard could boost Bitcoin’s incentives. It should be noted that the average credit card transaction costs merchants up to 2.9% in-store and 3.5% online per purchase. The average BTC transaction fee, in comparison, comes at a flat $1.4 per transaction.
Draper says the benefit to retailers is quite obvious. And women control around 80% of retail spending and retailers can save on fees paid to credit card companies by opting for digital currency. According to The State of Consumer Banking & Payments, women constitute 30% of all crypto owners in the US. It also stated that around 24% of American households own crypto – up 2% from July of 2021. Thus, the level of adoption that Draper foresees, may not be far off. In fact, it could initiate a cascade event that would validate Mastercard CEO’s prediction that SWIFT, the global payments system, would not exist in five years.
