Cryptocurrencies continue to grow in adoption around the world and could see a big shift after the recent market downturn. Some of the upward momentum may actually be driven by a group of market participants who are not currently a significant part of the market: women.
Research reports show that women currently make up a very small percentage of cryptocurrency investors.
For example, a CNBC survey last August revealed that men are more than twice as likely to be involved in cryptocurrencies as women. Men’s involvement in cryptocurrencies is 16% of men compared to her 7% of women. The gap is about the same in the ETF market, where statistics show a 14%:7% advantage in men.
So what happens when more women are hired in the crypto space?
According to venture capitalist Tim Draper, it will be the catalyst for the next bull market in cryptocurrencies. In his opinion shared on a podcast with Scott Melker, this could push cryptocurrency prices to new peaks.
But the billionaire investor says something needs to happen before the gender gap closes. Bitcoin (BTC).
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According to Draper, Bitcoin is an excellent payment method for most stores, which he notes has low operating margins. Therefore, adding support for BTC payments will allow us to take advantage of lower transaction fees while offering new ways to incentivize our customers.
Bitcoin transaction costs average $1.4 (check BitInfoCharts), but Visa and master CardOn average, in-store transactions using credit cards cost up to 2.9%. For online purchases, the commission is approximately 3.5%.
These are costs that stores can avoid if they choose Bitcoin, adding that they will benefit further from the increase in customers. Women control about 80% of retail purchasing power.
What are Draper’s predictions if a higher percentage of women start using bitcoin?
More women entering the Bitcoin market
Crypto adoption continues to rise slowly, with Morning Consult showing that only 2% of Americans (since July 2021) say they own a cryptocurrency ( 24% of US adults today).
But the data intelligence firm found an interesting trend in another study: Women make up 30% of all Americans who say they own crypto. , consistent with a study in Australia that reported a 175% jump in women’s use of currency exchange. This is more than double the 80% of men.
And it’s not just that more women are entering cryptocurrency. They make higher initial deposits than men, on average she’s $2,381 versus $2,060.
Clearly, more women are participating in cryptocurrencies and trading, which Draper said will boost Bitcoin’s positive outlook. Many of the positive comments relate to increasing support for mainstream cryptocurrencies as payment methods by merchants and online stores.
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