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- By monetary value, the Bitcoin network now performs more transactions than PayPal, and the world’s largest decentralized cryptocurrency network by market capitalization might overtake Mastercard as early as 2026
- The total number of transactions, the average amount of Bitcoin transmitted each transaction, and the growth in the price of Bitcoin are all variables that might propel the Bitcoin network to the level of the two credit card behemoths in terms of total volume handled
- The research, however, was unable to locate recent statistics demonstrating that the average amount of Bitcoin transmitted every transaction is increasing
By monetary value, the Bitcoin network now performs more transactions than PayPal, and the world’s largest decentralized cryptocurrency network by market capitalization might overtake Mastercard as early as 2026. When may the BTC network process quantities like Mastercard & Visa? According to a Thursday analysis from industry intelligence platform Block data. According to the report, the Bitcoin network handled $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 growth in the price of BTC are all variables that might propel the BTC network to the level of the two credit card behemoths in terms of total volume handled.
The total number of transactions in the first element is the most variable-dependent. According to the theory, if BTC increased its value transmitted each transaction today by 260 percent, it would handle a comparable volume to Mastercard daily.
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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 BTC to parity with Mastercard.
According to some experts, this price movement is more plausible than an increase in volume. Block data conclude that BTC’s price will not likely grow to the level required to rival Mastercard. It may take till 2060 if one considers the average annual Bitcoin price. Taking the present growth rate in 2021 as a yardstick, it might happen as early as 2026, he says.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
