Highlighting the importance of participation of women in using Bitcoin (CRYPTO: BTC), billionaire investor Tim Draper has said women control 80% of the retail spending, and using the cryptocurrency for buying things will shoot its prices beyond $250,000.
“One thing that will most likely happen but I am not sure when is that women will start using BTC. Earlier, 1 in 14 BTC holders was a woman, and now it is 1 in 6 and it will eventually be even… Women control that 80% of retail spend and retailers too have not yet realized that they can save 2% (on credit card fees) just by accepting BTC instead of taking a bank-issued credit card,” Draper said.
“And that can change everything. All of a sudden all the women will have BTC wallets and will be buying things with BTC and you are going to see BTC price will blow right through my $250000 estimate,” the legendary investor said, speaking with Scott Melker on the Wolf of All Streets YouTube show.
BTC will turn the world upside down
He added that BTC will turn the world “upside-down” by making the poorest of the countries the richest.
“Now is an amazing opportunity for countries to accept BTC. Entrepreneurs will go there and build an economy and their economy will thrive because they will have the currency they can trust. Their people will be free because they won’t be at the mercy of a government that just prints money,” he said.
Holding to investments a luxury
In his advice to investors, Draper said some of the biggest investment mistakes he has done were selling his investments too soon and that holding on to investments was a luxury.
Asked to comment on Tesla CEO Elon Musk’s $44 billion Twitter deal, Draper said anything Musk touches turns to gold, and the reason being, that he gives direction to a company and that direction is usually very visionary and then attracts the best people in the world to do it.
“He trusts them and sets them free. People who work at Twitter will be trusted and set free to do great things and he will make the company an amazing, amazing success. He is a believer in free speech,” Draper said.
Bad governments need to reform
Slamming authoritative governments, Draper said governments are one of those that are providing bad service at a high cost and that governments will have to improve and be accountable to their citizens or people will move.
"People will move to the Central African Republic, El Salvador, or move to Japan or a country that is encouraging freedom and trusts its citizens. The next 5 years are going to be vital. Bad governments will be falling and if bad governments don’t shape up, become free, they will see good governments rise economically over the next 40 years and past them,” he said.
After a tumultuous month for the crypto markets with Bitcoin nearly extending its losing streak to a record nine weeks, the largest digital currency by market cap is currently trading at 30,630, up about 5% from the previous day, according to data from Coinmarketcap.
Earlier this month, Bitcoin dropped from an all-time high of around $69,000 to $25,400, washing out about 63% of its value.
