According to a new report from market research platform Blockdata, Bitcoin has processed more USD than PayPal and could soon overtake Mastercard as it has processed 27% of the value. So read more on the bitcoin news today.
The market intelligence platform Blockdata has suggested in a new report that Bitcoin could process more USD values than PayPal and Mastercard in terms of the number of processed dollar value transactions. Bitcoin recently outperformed tech company PayPal in terms of transfer value, and at the time of writing, the Bitcoin network has processed around $ 480 billion in value, while PayPal is valued at around $ 302 billion per quarter.
While this represents a major milestone for the crypto industry, the value of Mastercard and Visa is falling significantly behind Mastercard and Visa at other leading payment companies in the world. According to the data, the two credit card giants processed about $ 1.8 trillion and $ 3.2 trillion in transactions, respectively, in the most recent quarter. If the network value of Bitcoin were compared to these two, it would represent between 27% and 15% of the volume of transactions processed by the giant fintech companies.
Blockdata shows in their report that Bitcoin’s network process volume could reach that of Visa and Mastercard, suggesting it would match companies in terms of the number of transactions processed:
“If Bitcoin increased the value transferred per transaction today by 260%, it would process an equivalent volume of Mastercard every day.”
The report identified a spike in Bitcoin price as another major factor that could bring the BTC network’s value process to the same level as Mastercard’s. If Bitcoin continues at its pace, it will be comparable to Mastercard in a few years time, taking Bitcoin price into account, it could take up to 2060 for the network to match Mastercard’s network. The report also concludes that while BTC can’t keep up with the growth of payment companies, it still does well for a network that started about a decade ago.
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