Bitcoin has entered a bearish path in light of its recent movements. It is no secret that the digital asset has emerged from the bull market. This gave speculation about what will inspire another bull run for the cryptocurrency pioneer. Billionaire Tim Draper, always vocal about cryptocurrencies, has now spoken out on the subject. He says what he thinks will be a decisive factor in the next bitcoin bull run.
Draper: Women are the key
It is not surprising that more and more women are entering the market. While men are still disproportionately investing in cryptocurrencies, the number of women entering this space has increased.
Meanwhile, every third investor is a woman. However, there is still a long way to go before more women turn to cryptocurrencies. And billionaire Tim Draper believes they will lead the next Bitcoin rally.
Draper attributes this to the fact that women have enormous purchasing power, and if they bring that power to the Bitcoin market, it will inspire another rally for the digital asset. It’s not far off the mark with that assessment, given that women control about 80% of retail spending.
Women, who currently account for only 30% of all crypto investors in the United States, have not yet entered the en masse market compared to their male counterparts, who have much less retail purchasing power. The factors behind this discrepancy are usually because men are considered to be more at risk than women. So they feel more comfortable playing in a relatively new space with little regulation.
Bitcoin to $ 250K
Draper’s analysis of more women entering the market could mean that Bitcoin will reach new all-time highs. It sets out where he thinks the price of the digital asset could go up – and that figure is $ 250,000.
However, the billionaire explains another factor that will drive the price to this point. In addition to increased acceptance by women, it cites acceptance by merchants. They would save more money by accepting bitcoin compared to credit cards.
He notes that once cryptocurrency is more widely accepted as a form of payment, more women will own a bitcoin wallet and buy things with BTC. draper:
“Then you will see a bitcoin price that will break my $ 250,000 estimate.”
Text credit: Newsbtc
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