Tim Draper, a well-known billionaire investor, believes that as more stores begin to accept Bitcoin as a more cost-effective payment method, the price of Bitcoin will rise.
In the previous week, Draper, a Bitcoin (BTC) investor, told presenter Scott Melker on the Wolf of All Streets YouTube program that women might be crucial in bringing the biggest cryptocurrency by market size up to $250,000 per coin.
He believes that when more businesses accept Bitcoin as payment, all of the ladies will have Bitcoin wallets and will be purchasing items with Bitcoin:
“Then you’re going to see a Bitcoin price that’ll just blow right through my $250,000 estimate.”
Draper thinks that embracing Bitcoin sooner rather than later is in the best interests of shops. However, he recognizes that most business owners operate on slim profit margins, so the lower transaction costs compared to dealing with Visa or Mastercard might improve BTC’s incentives.
The typical credit card transaction costs retailers 2.9 percent in-store and 3.5 percent online. However, as per Bitcoin statistics compilation site BitInfoCharts, the average BTC transaction cost is a flat $1.4 per transaction.
The advantage to merchants, according to Draper, is evident. He claims that women “control around 80% of retail purchasing,” and that merchants may save money by using Bitcoin instead of credit cards. As per Morning Consult’s report, women account for 30% of all cryptocurrency owners in the United States.
Morning Consult estimates that around 24% of American households possess cryptocurrency, up 2% from July 2021.
If Draper is correct, it may set off a chain reaction, confirming Mastercard CEO Michael Miebach’s forecast that SWIFT, the worldwide payments system, will cease to exist in five years. Miebach made the startling forecast at the World Economic Forum in Davos in the previous week.