Tim Draper: “Bitcoin price can reach $250,000 thanks to women”

Well-known venture capital investor Tim Draper has suggested that the price of bitcoin could exceed $250,000 if women around the world start paying them for goods in stores.

A few days ago, Tim Draper was a guest on the Wolf of All Streets show on YouTube. Speaking with program host Scott Melker, Draper suggestedthat if retailers everywhere start accepting bitcoin as a more economical payment method, then it can reach a new high above $250,000. It is women who will play a key role in raising the price of bitcoin – to save the budget, they will start to open bitcoin wallets and pay for cosmetics with cryptocurrency, clothes, household chemicals and other purchases.

According to Draper, women control about 80% of household expenses, and the benefits of Bitcoin adoption for retail stores are quite clear. Therefore, it is in their interest to start accepting bitcoin as early as possible. This makes sense even for low-margin stores, as transaction costs for settlements using cryptocurrencies will be lower than the fees charged by large payment processors Visa or Mastercard, Draper said.

According to CreditDonkey, the average charge for a credit card purchase costs merchants up to 2.9% at the point of sale and 3.5% online. However, according to Bits.media, the average BTC transaction fee is even more expensive, around $9. This confirms the words of the CEO of the FTX cryptocurrency exchange Sam Bankman-Fried (Sam Bankman-Fried) that it is too expensive to make daily payments with bitcoin. In addition, Galaxy Digital CEO Michael Novogratz believes that the Bitcoin blockchain is not fast enough to process millions of transactions.

However, many agree with Draper’s point of view, calling Bitcoin the most efficient payment system. Among them is Jack Mallers, CEO of payment service Strike. He is confident that Bitcoin can outperform traditional payment systems.