Bitcoin surpassed the payment services giant, PayPal, in the total amount of dollars transferred, and it seems that the world’s biggest cryptocurrency is going for Mastercard next. As per reports, the ‘king coin’ could surpass Mastercard by 2026 if it continues to accelerate at the same pace.
Bitcoin overtakes PayPal in volumes
In a report by Blockdata, stats confirm that in 2021, the Bitcoin network around $489 billion per quarter 2021. However, one of the largest online payment processors in the world, PayPal, processed $302 billion per quarter in 2021.
The report titled, “When might the Bitcoin network process volumes like Mastercard and Visa?” was published on Nov 25.
On the other hand, the estimated data from Blockchain.com shows that Bitcoin has processed around $489 billion per quarter in 2021. This is 61% more than what the PayPal network reported.
In just 12 years, Bitcoin has defeated a 23-year old multinational payment processing firm. This signifies the capability of blockchain technology and why it has caught the attention of regulators around the globe.
There were three factors taken into account when summarizing the report. Firstly, the number of BTCs transferred per transaction, the total transactions, and the price rise of the ‘king coin.’
On the other hand, Mastercard will have processed $1.8 trillion per quarter in 2021, which is nearly 260% more than the amount processed by PayPal. The Visa network processed even more transactions amounting to $3.2 trillion per quarter in 2021, which is 540% more than PayPal.
Bitcoin has also processed around 27% of Mastercard’s volume and 15% of Visa’s volume in the 12 years of existence. It will be nothing short of a miracle what Bitcoin will bring in the near future.
As per the report, Bitcoin is very unlikely to take over Mastercard’s processed volume in the short term if one takes into account the average yearly price of BTC. On the other hand, if one considers the “current growth rate in 2021 as a metric, it could happen as soon as 2026.”