Female investment key to drive BTC price, says Tim Draper

Tech investor believes BTC could hit $250k “by the end of this year” or early 2023

Bitcoin investments                                 
Draper has claimed that retailers could save a lot on fees paid to credit card companies by using bitcoin for checkout payments – Photo: Shutterstock
                                

Tech investor and billionaire Tim Draper has said female investors could drive the next bitcoin price rise wave, as well as greater market adoption, if more retailers add cryptocurrency as a form of checkout payment.

Speaking with Scott Melker, host of the YouTube podcast, The Wolf of All Streets, Draper said that Bitcoin could hit a price of $250,000 “by the end of this year or early next year” if the sector saw a greater influx of women using their bitcoin wallets for retail expenditure.

Women control majority of retail expenditure

According to Draper, “women control around 80% of retail spending” – so using cryptocurrencies, such as bitcoin, could sway female investors to back the cryptocurrency and drive the next BTC bull market. He went on to say that retailers could also save a lot on fees paid to credit card companies by choosing bitcoin. 

Draper said: “It was one in 14 bitcoin holders that were women, and now it’s something like one in six. I think it will eventually be even. Women control about 80% of retail spending, and retailers haven’t yet realised that they can save 2% by accepting bitcoin instead of taking a bank-issued credit card.”

Draper is worth $1.2bn

The billionaire investor has been an early stage backer of a multitude of successful tech firms, including Baidu, Coinbase, Hotmail, Robinhood, SpaceX, Tesla, Twitch, Twitter and Skype. He currently has a net worth of $1.2bn, according to Forbes.

Draper also predicts that non-fungible tokens (NFTs) and decentralised finance will continue to witness mainstream adoption and soon become included in all enterprise and institutional levels.

£30,000 barrier for bitcoin’s price level

BTC has been stuck below the $30,000 mark for much of the past few weeks, and looks as though it will close the end of the month at around the $30,000 level.

As of 13:00 BST (UTC +1), the largest cryptocurrency by market cap was up by 4.97% in the past 24 hours, according to CoinMarketCap, and was currently trading at around $30,637.

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