Bitcoin could go as high as $250K driven by women’s retail spending, says Tim Draper

Market

Tue, 26 Sep 2023, 09:28 PM
UTC
English

한국어

Insights

Link copied

Bitcoin could go as high as $250K driven by women’s retail spending, says Tim Draper

Retailers can save a lot on fees paid to credit card companies by promoting the use of BTC as a payment method.

Image by: Wikimedia Commons

Tue, 31 May 2022, 07:13 am UTC

For Bitcoin bulls, there’s nowhere to go but up. Indeed, a new price prediction says that BTC could rise all the way to $250,000 in the next crypto market rally. But the surprising thing about this prediction is that the rally could be driven by women.

Billionaire investor Tim Draper believes that a time will come when Bitcoin’s price could be driven by women. This will happen once more retailers start offering the crypto as a more cost effective payment option, according to Cointelegraph.

Draper believes that women’s purchasing power could be the key that will drive Bitcoin’s price all the way to $250,000. He explained that as shops begin to widely accept BTC payments, “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,” the billionaire investor told Scott Melker on the Wolf of All Streets YouTube show.

Retailers will likely to accept Bitcoin payments sooner rather than later as it is economically sound to do so. Since stores operate on low margins. Business owners will likely compare the transaction fees of major card companies such as Mastercard and Visa against transaction fees associated when accepting BTC as a payment method.

On average, credit cards transactions cost merchants around 2.9 percent for in-store purchases and 3.5 percent for online. Meanwhile, BTC transaction fee is just $1.4 per transaction regardless of amount, which means accepting Bitcoin payments would be more cost-effective for retailers above a certain transaction amount.

Draper believes that it’s only a matter of time before retails realize the obvious benefits of accepting Bitcoin payments. Retailers can save a lot on fees paid to credit card companies by promoting the use of BTC as a payment method. Since women “control about 80% of retail spending,” widespred acceptance of BTC in stores could significantly boost the crypto's price.

TokenPost | [email protected]