Apex cryptocurrency Bitcoin (CRYPTO: BTC), which has already exceeded PayPal Holdings Inc. (NASDAQ:PYPL) in terms of transaction volume, could surpass Mastercard Inc. (NYSE:MA) “in time,” according to blockchain intelligence firm Blockdata.
What Happened: Bitcoin could attain the transaction volumes attained by Mastercard in five years, as per Blockdata.
However, the bitcoin volume growth will be based on three factors – the increase in the number of transactions, bitcoin’s price rise, and the increase in the average amount of bitcoin sent per transaction.
The Bitcoin network processed an estimated $489 billion per quarter in 2021 on average, Blockdata said.
For comparison, PayPal processed an average of $302 billion per quarter, while the Mastercard network processed $1.8 trillion per quarter and the Visa Inc. (NYSE:V) network processed an average of $3.2 trillion per quarter.
Bitcoin's processed volume could equal that of Mastercard as soon as 2026, if the cryptocurrency’s 2021 price growth is taken as a metric, as per the report. If the average yearly bitcoin price is used as a growth metric, it could attain the level only by around 2060.
See Also: How To Buy Bitcoin (BTC)
Why It Matters: Launched in 2009, Bitcoin has gained increasing mainstream adoption over the past few years. It is the world’s largest cryptocurrency with a market capitalization that surpassed the $1 trillion mark this year.
The rise in Bitcoin’s acceptance as a major store of value and payment option has also been influenced by major corporations adding the cryptocurrency to their balance sheet.
Bitcoin’s year-to-date gains are 94.3%. The cryptocurrency is down 17.0% from its all-time high of $68,789.63 reached in November.
Price Action: Bitcoin is down 0.3% during the past 24 hours, trading at $56,812.70 at press time.