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Bitcoin Surpasses PayPal In Terms Of Transaction Volume

According to blockchain analytics firm Blockdata, more volume is transacted on the Bitcoin (BTC) network than on PayPal’s payment platform.

As per Blockdata, the Bitcoin network transacted $187 billion more each quarter than PayPal this year. Nonetheless, Bitcoin’s current quarterly transaction volume of $489 billion is a fraction of the value processed by credit card firms Mastercard and Visa.

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If we look at the data, the Bitcoin network processed an estimated average of $489 billion per quarter in 2021.

To put that in context, in 2021, PayPal processed an average of $302 billion per quarter, while the Mastercard network processed $1.8 trillion, or 260 percent more, and the Visa network processed $3.2 trillion, or 540 percent more.”

Given its youth in comparison to Mastercard, the growth of Bitcoin’s transaction volumes is “amazing,” according to Blockdata.

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“It’s impressive how Bitcoin, as a 12-year-old decentralized network, is 27% of the way in terms of one metric (volume processed) compared to Mastercard, a company founded in 1966, especially when you take into account that this is a decentralized movement.”

If the average yearly Bitcoin price is used as a growth gauge, Blockdata estimates that Bitcoin will take nearly four decades to reach the transaction volume of Mastercard.

Taking the average yearly Bitcoin price as a growth metric, it could take as long as 2060 for this to happen. However, if you account for the negative correlation with the average BTC per transaction decreasing, this timeframe could increase significantly.

Blockdata estimates that Bitcoin will surpass Mastercard’s transaction volume in around five years, using the BTC’s 2021 price rise as a criterion.

Taking the current growth rate in 2021 as a metric, it could happen as soon as 2026.