On May 24, Draper, Tim Draper, a well-known crypto investor told presenter Scott Melker on the Wolf of All Streets YouTube programme that women might be crucial in bringing the largest crypto by market size up to $250,000 per coin. He believes that as more stores begin to accept Bitcoin as a more cost-effective payment method, the price of Bitcoin will eventually rise.
He believes that as more merchants start accepting crypto as payment, the price of BTC and other cryptocurrencies will rise. He states:
“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.”
Draper feels that embracing BTC sooner rather than later is in the best interests of shops. He recognises that most merchants operate on slim profit margins, so the lower transaction costs compared to dealing with Visa or Mastercard might improve BTC’s incentives. According to sources, the average credit card transaction costs retailers 2.9% in-store and 3.5% online. The average BTC transaction cost is a fixed $1.4 per transaction.
Fantastic podcast with @TheWolfofAllStreets. I recommend you listen to me at 2X speed. Slow speech day. Important points. #centralafricanrepublic #elsalvador #jeffbezos #bitcoin #freedom #trust https://t.co/nqXD3tLCZY
— Tim Draper (@TimDraper) May 28, 2022
According to Draper, the benefit to merchants is evident. He claims that women “control around 80% of retail purchasing,” and that merchants may save a lot of money by using Bitcoin instead of credit cards. According to the report, “The State of Consumer Banking & Payments”, women account for 30% of all crypto owners in the United States. It revealed that roughly 24% of American households possess cryptocurrency, which is up 2% points from July 2021.
If Draper is correct, it may set off a chain reaction, confirming Mastercard CEO Michael Miebach’s prediction that SWIFT, the worldwide payments system, will cease to exist in five years.
Read more:
- Tim Draper remains optimistic about current value of Bitcoin despite recent price decline
- Draper University collaborates with VeChain to teach Web 3 founders
