- Crypto investors Tim Draper said that Bitcoin adoption by women will help its price reach $250,000 quicker.
- He added that women control 80 percent of the retail spending today and even merchants can save a lot in transaction fees if they start accepting BTC payments.
The world’s largest cryptocurrency Bitcoin (BTC) faced a severe correction earlier this month, however, billionaire investor Tim Draper continues to remain bullish. During his recent interview with Wolf of Wall Street last week, Draper said that Bitcoin can still touch $250,000.
However, the billionaire investor has an interesting take on the next Bitcoin bull run. Draper said that women will be at the center stage of driving the next Bitcoin bull run. He further added that as more and more retailers start accepting Bitcoin payments, women will drive the BTC price higher.
Draper rests his hypothesis on the fact that women dominate the shopping market. He added:
As store owners being to accept BTC payments more widely, “all of a sudden, all the women will have Bitcoin wallets and they will be buying things with Bitcoin. Then you’re going to see a Bitcoin price that’ll just blow right through my $250,000 estimate.”
Bitcoin vs credit card companies
The billionaire investor also added that it would be best for retailers to start accepting Bitcoin sooner than later. He added that most store operators and merchants are charged heavily by credit card companies. Thus, Bitcoin’s reduced transaction fee could be majorly beneficial for them unlike other companies such as Visa or Mastercard.
Currently, average credit card transactions cost merchants 2.5 percent in-store and 3.5 percent for online shopping. However, in comparison, the average Bitcoin fee is just $1.14 per transaction.
However, one of the biggest problems with Bitcoin adoption has been its inability to scale. The average transaction time on the Bitcoin network is 10 minutes. This makes it less ideal for retailers to make Bitcoin payments. However, developers are working on solutions like the Lightning Network to improve scalability of the Bitcoin blockchain and increase the transaction time.
Continuing with his argument further, Draper said that women today control 80 percent of retail spending. If retailers start accepting Bitcoin payments, they can save a ton on transaction fees. Women participation in the crypto space has been increasing every year. As of now, nearly 30 percent of all crypto owners in the United States are women.
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Bitcoin and the state of crypto
Bitcoin and the broader crypto market have undergone severe correction this month. Last week, while the U.S. stocks witnessed a relief rally, Bitcoin and crypto continued falling downward further. But in a surprising move on Sunday, May 29, the BTC price surged 5.5 percent moving past $30,000 levels. With this recent move, Bitcoin has managed to recover all of its last week loss.