A recent report by the market intelligence platform Blockdata has said that the Bitcoin network is already processing more volume by dollar value than Paypal, a domestic and cross-border online payment system giant. The November 25 report also said that in terms of market capitalization, the Bitcoin network (the world’s largest decentralized cryptocurrency network) could outstrip Mastercard by 2026.
The Blockdata report titled “ When might the Bitcoin network process volumes like Mastercard and Visa?” said that the BTC network has processed around US$489 billion per quarter in 2021, which is greater than that of PayPal’s US$302 billion.
Currently, the Bitcoin network processes around:
The report has also outlined 3 factors that could catapult the largest decentralized cryptocurrency network in the world to the level of Mastercard and Visa (the two credit card giants):
The total number of transactions is the most variable dependent. As per the report, “if Bitcoin were to increase its value transferred per transaction today by ~260%, it would be processing an equivalent volume to Mastercard on a daily basis.”
An increase in the price of BTC to US$245,000 at the current volume will also help the Bitcoin network to match that of Mastercard. Some analysts believe that an uptick in BTC price is more likely than that in volume.
The recent report by Blockdata claims that for the Bitcoin network to reach the level of Mastercard anytime soon. They expect that the BTC network could match that of BTC by 2060, considering the current growth rate of 2021. The report has also said that the decentralized Bitcoin network (which has been in the market for just over 12-years now) has achieved higher volumes in comparison to Mastercard and Visa, the two centralized credit card giants.
Blockdata said in its Nov 25, 2021, report that:
“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.”