The BTC network already handles more dollar volume than PayPal network. That’s what a recent report by market intelligence firm Blockdata revealed.
Titled: “When will the BTC network be able to process volumes such as Mastercard and Visa?”, the survey also showed that the world’s largest cryptocurrency could surpass the giant Mastercard in 2026 if it maintains its current pace.
More precisely, the report showed that BTC network processed nearly $490 billion per quarter in 2021. Meanwhile, payment technology company PayPal has processed $302 billion.
Additionally, in the 12-year network, volume processed per quarter represents 27% of Mastercard’s $1.8 trillion. In comparison with Visa, which processed US$ 3.2 trillion, the percentage drops to 15%.
BTC x Payment Giants
In the Nov. 25 report, Blockdata details factors that could put the BTC network on a par with credit card giants in terms of total processed volume.
According to Blockdata, there are three factors that should bring BTC closer to these giants.
First is the total number of transactions. According to the authors of the survey, an increase of more than 250% would be enough for the BTC to catch up with the giants:
“If BTC were to increase its transferred value per transaction today by about 260%, it would be processing an equivalent volume of Mastercard daily,” says the report.
Next comes the average amount of BTC sent per transaction and finally the BTC price increase.
In any case, a growth in the number of transactions on the BTC network has little chance of bringing BTC closer to giants like Mastercard and Visa. Apparently, there would have to be a price increase first.
If the number of transactions remains the same, the report says, BTC at $245,000 would bring cryptocurrency closer to Mastercard.
However, according to Blockdata, considering the average annual price of BTC, it could take until 2060 for the goal to be reached. On the other hand, “taking the current growth rate of 2021 as a metric, this could happen as early as 2026”.
One way or another, the growth of the BTC network already impresses experts:
“It’s amazing how BTC, as a decentralized currency, reached 27% the size of Mastercard in 12 years.”