The Bitcoin network has already processed more transaction volume in terms of dollar <a href="https://www.cryptoknowmics.com/news/paypal-releases-a-new-app-with-crypto-services/">value</a> than PayPal this year. The report suggests that the largest cryptocurrency network by market cap could even surpass MasterCard by as early as 2026.
<h2 class="m-detail-header--title">Bitcoin Has Processed More Volume Than PayPal This Year</h2>
According to a recent <a href="https://www.blockdata.tech/blog/general/bitcoin-volume-mastercard-visa" target="_blank" rel="nofollow noopener">report</a> from market intelligence platform Blockdata, the Bitcoin network has processed around $489 billion per quarter in 2021, overtaking that of PayPal’s $302 billion.

The <a href="https://www.cryptoknowmics.com/news/large-transactions-are-on-the-rise-on-the-bitcoin-network/">flagship’s cryptocurrency</a> network is now 27% of Mastercard’s $1.8 trillion per quarter, and 15% of Visa’s $3.2 trillion. The decentralized network being relatively younger has managed to achieve high volumes in a short span of time compared to the centralized networks like Mastercard and Visa.
<blockquote><em>“It’s impressive how Bitcoin, as a 12 year old decentralized network, is 27% of the way in terms of one metric compared to Mastercard, a company founded in 1966. Especially when you take into account that this is a decentralized movement,” </em>the report read.</blockquote>
Blockdata points out three factors that could result in the Bitcoin network reaching that of the Mastercard and Visa level volumes. The first is the rising number of transactions, the average amount of BTC sent per transaction rises, and the surge in the price of the leading cryptocurrency.

Despite comparing Bitcoin to Mastercard and Visa, the report sees that they are essential technologies with different use cases with the latter termed as “spending technologies” while the Bitcoin network is a “saving technology.”
<h2><strong>Bitcoin Network Could Overtake Mastercard by 2026</strong></h2>
Blockdata ultimately claims that Bitcoin needs to increase its dollar processing volume by 260% to level with Mastercard and 540% to reach Visa. To put it simply, BTC needs to touch $245,000 to reach Mastercard level volume and for Visa’s volume level, the price of BTC needs to rise to $435,000.

Given Bitcoin’s current growth rate this year, Blockdata suggests that the Bitcoin network could surpass Mastercard’s volumes as early as 2026.

Bitcoin Network Overtakes PayPal in Transaction Volume

The Bitcoin network has already processed more transaction volume in terms of dollar value than PayPal this year.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Bitcoin Network Overtakes PayPal in Transaction Volume

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