Bitcoin has been on a bear path given its recent movements and it’s no secret that the digital asset is well out of the bull market. It has been speculated that there will be another rally to support the first cryptocurrency. Tim Draper (billionaire) has voiced his opinion on the topic and has suggested what he feels will determine the next Bitcoin bull market.
Women are the key
There is no surprise that there are more women entering this market. While crypto investing still has a large male presence, it is becoming more popular for women to invest in this space. In fact, one third of all investors are now female. However, we still have a lot to do to bring more women to crypto. Tim Draper, a billionaire who believes they will be driving the next Bitcoin rally is a good example of this.
Bitcoin Dominance Remains High As Market Sell-Offs Settle| Bitcoin Dominance Remains High As Market Sell-Offs Settle
Draper explains this by pointing out that women have a tremendous purchasing power, and this will cause a rally in bitcoin. Given that women account for approximately 80% of all retail spending, Draper isn’t far from this conclusion.
Source: BTCUSD on TradingView.com| Source: BTCUSD on TradingView.com
The 30% female crypto investor in the United States is currently only 30 percent. This compares to the 33% of male investors who have a lower retail buying power. This disparity is often due to the fact that men are more risk-takers than women. Therefore, they are more comfortable in relatively unfamiliar spaces with minimal regulation.
Bitcoin to $250K
Draper’s analysis of more women moving into the market could mean that bitcoin will hit new all-time highs. The price at which the digital asset might end up, he stated and it came to $250,000.
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But the billionaire points out another reason that could drive up the cost. He also cites more women adopting, and merchants that accept bitcoins save more than credit cards.
The cryptocurrency will become more accepted as a payment method, he says. This will encourage more women to have bitcoin wallets and purchase goods with BTC. “Then you’re going to see a Bitcoin price that’ll just blow right through my $250,000 estimate,” the billionaire added.
Featured Image from Blockchain Journal. Chart from TradingView.com
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