Renowned billionaire investor Tim Draper insists there will come a time when women will start driving up the price of Bitcoin as more retailers start offering it as a more profitable payment option in stores.
Draper, a Bitcoin (BTC) investor, told host Scott Melker on the Wolf of All Streets YouTube show last week that women could be key to propelling the largest crypto by market cap to as high as $250,000 per coin.
He reasons that as store owners start to accept BTC as payment more widely, “suddenly all women will have Bitcoin wallets and buy things with Bitcoin:”
“Then you will see a Bitcoin price that will exceed my estimate of $250,000.”
Draper believes that it is in the best interests of retailers to start accepting Bitcoin as soon as possible. He acknowledges that most store owners operate on low margins, so reduced transaction fees compared to working with major credit card companies Visa or Mastercard could increase BTC incentives.
Fantastic podcast with @TheWolfofAllStreets. I recommend you listen to me at 2X speed. Slow Speech Day. Important points. #Central African Republic #The Savior #Jeff Bezos #bitcoin #freedom #confidence 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. By comparison, the average BTC transaction fee is a flat $1.4 per transaction, according to Bitcoin data compiler BitInfoCharts.
Draper suggests that the benefit to retailers is obvious. She said that women “control about 80% of retail spending” and that retailers can save big on fees paid to credit card companies by choosing Bitcoin. Women make up 30% of all cryptocurrency owners in the United States, according to The State of Consumer Banking & Payments from research firm Morning Consult.
Related: Hodler’s Travel Guide: Which Platforms Accept Crypto?
The level of adoption Draper expects may not be too far off, as Morning Consult found that around 24% of US households own cryptocurrencies, which is a 2% increase from July 2021.
If Draper is correct, then it could start a cascading event that would also validate Mastercard CEO Michael Miebach’s prediction that the global payment system SWIFT would not exist in five years. Miebach made the shocking prediction last week at the World Economic Forum in Davos.