Cryptocurrencies have been gaining traction in the global economy and signs of a major comeback from the last market slump are evident. It appears that a small group of market participants, women, may be the ones to trigger the bullish momentum.
According to reports, only a few crypto investors are female. The results of the survey last year showed that men were more engaged in cryptocurrency than women, with males taking part in 16% of cryptocurrency, compared to the 7% participation of women. The gap is similar to that of the exchange-traded fund markets, with men having a 14% to 77% lead.
What if crypto had a larger female adoption rate? Venture capitalist Tim Draper suggested that this could also kick off the next crypto bull-run. He expressed this opinion during a podcast with Scott Melker, and said that such a move could result in cryptocurrency prices reaching a new high.
But before this could happen, according to the billionaire investor, something needs to change. He believes that more stores must accept Bitcoin (BTC) payments. He argued that this is an ideal payment option for many shops because of the minimal operating costs.
Bitcoin Could Skyrocket to $250K
Draper believes that Bitcoin could be the solution to this problem, as it comes with low transaction fees and offers new methods to incentivize customers, even though its average transaction cost of $1.4 (InfoCharts) can be more expensive than Visa or MasterCard’s in-store average of 2.9%. For online purchases, credit card transactions usually come with a 3.5% fee.
These are some of the costs that stores can avoid if they choose Bitcoin, leading to more profit and an increase in customers, as women control around 80% of the retail purchasing power.
Draper’s prediction of a higher percentage of women using Bitcoin could lead to the crypto bull-market skipping over his previous estimated $250,000.
More Women Entering the Crypto Market
Cryptocurrency adoption is gradually increasing. Morning Consult reported that 24% of Americans have crypto, which is 2% more than in July 2021.
Data intelligence firm discovered an interesting trend in a second survey. Women make up 30% of all Americans who claim to own cryptocurrency, which is higher than the early 2021s and matches findings in Australia. It is reported that the share of women’s activity in this area has increased by 175%, standing at 80%, more than double that of men.
Women are investing more in cryptocurrency than ever before, and have higher initial deposits than men, with the average initial deposit being $2,381 and the median deposit being $2,060.
It is clear that more women are trading crypto and other financial markets, which is a positive sign for Draper. His optimism is further fueled by the increased support of the flagship cryptocurrency as a payment method by merchants and online shops.