Crypto is gaining more adoption around the world, with a major shift likely to occur following the recent market downturn. Indeed, some of the bullish momentum may come from a group of market participants who don’t currently make up a large portion of the market – women.
Survey reports have shown that women currently make up only a small percentage of investors in crypto.
For example, a CNBC poll in August of last year found that men’s participation in crypto was more than double that of women — 16% for men’s crypto versus 7% for women. The gap is also pretty much the same in the exchange-traded fund market, with statistics showing a 14% to 7% ratio in favor of men.
So what happens when the crypto space is increasingly embraced by women?
According to venture capitalist Tim Draper, this would catalyze crypto’s next bull run. In his opinion, which he shared with Scott Melker during a podcast, this has the potential to propel crypto prices to new highs.
But the billionaire investor says something has to happen before we see the gender gap narrowing – more shopkeepers need payments in Bitcoin (BTC) accept.
Bitcoin could break $250,000
According to Draper, Bitcoin represents a great payment method for most businesses, which he noted have low operating margins. Thus, adding support for BTC payments allows them to benefit from low transaction fees while offering new ways to engage customers.
While transaction costs for Bitcoin average $1.4 (see BitInfoCharts), the costs for merchants and customers using Visa and MasterCard are much higher. On average, transactions with credit cards in stores cost up to 2.9%. Fees are around 3.5% for online purchases.
These are costs that businesses could avoid if they opted for Bitcoin, adding that further benefits would come from more customers. Women control around 80% of purchasing power in retail.
Draper’s prediction of whether a higher percentage of women would start using bitcoin? He thinks he’s a potential bull marketwhich could “just smash through” its previous forecast of $250,000.
More women are entering the bitcoin market
Crypto adoption continues on a slow climb, with Morning Consult showing just 2% more Americans (as of July 2021) said they cryptocurrencies (now 24% of US adults).
However, the data reconnaissance firm found an interesting trend in another survey — women make up 30% of all Americans who say they own crypto. The numbers are higher compared to early 2021 and are consistent with findings in Australia, where shared use among women has reportedly increased by 175%. At 80%, this is more than twice as much as for men.
And not only are more women joining crypto, they are making higher initial deposits compared to men, averaging $2,381 versus $2,060.
Apparently, more women are coming into crypto and trading, and Draper says this adds to the positive outlook for Bitcoin. Much of the positivity relates to increased support for the flagship cryptocurrency as a payment method by merchants and online stores.
Source: Crypto News Deutsch