Bitcoin Surpasses Paypal in Terms of Value Moved and Sets its Sights on Mastercard

Bitcoin Surpasses Paypal in Terms of Value Moved and Sets its Sights on Mastercard, According to a Report

According to Blockdata, the Bitcoin network might match the dollar value transacted on Mastercard’s network as soon as 2026 or as late as 2060.

By monetary value, the Bitcoin network already handles more transactions than Paypal, and the world’s largest decentralized cryptocurrency network by market cap might overtake Mastercard by 2026.

When might the Bitcoin network process volumes like Mastercard and Visa?, according to a report published on November 25 by industry intelligence platform Blockdata. According to the report, the Bitcoin network processed $489 billion every quarter in 2021, which is more than the $302 billion processed by Paypal. Bitcoin handles around 27% of Mastercard’s $1.8 trillion every quarter and 15% of Visa’s $3.2 trillion after only 12 years in existence.

The total number of transactions, the average amount of Bitcoin transmitted each transaction, and the rise in the price of Bitcoin are all factors that might propel the Bitcoin network to the level of the two credit card behemoths in terms of total volume processed (BTC).

The first element, the total number of transactions, is the most dependent on variables. “If Bitcoin increased its value transmitted per transaction today by 260 percent, it would handle an equivalent volume to Mastercard on a daily basis,” according to the theory.

The research, however, was unable to locate recent statistics demonstrating that the average amount of Bitcoin transmitted every transaction is increasing. Although the trend may alter in the future, a price increase of $245,000 at present volume would bring Bitcoin to parity with Mastercard. According to some analysts, this price action is more plausible than an increase in volume.

Blockdata ultimately claims that it is unlikely for Bitcoin price to rise to the appropriate level to match Mastercard. If one considers the average yearly Bitcoin price, it might take until 2060. On the other hand “taking the current growth rate in 2021 as a metric, it could happen as soon as 2026.”

The report noted that although it is relatively young, the decentralized Bitcoin network has managed to achieve high volumes compared to the two centralized credit card giants.

“It’s impressive how Bitcoin, as a 12-year-old decentralized network, is 27% of the way in terms of volume processed compared to Mastercard, a company founded in 1966.”

Source: Coin Telegraph


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