The global rate of Bitcoin adoption has shot up in the last few years. However, the exact scale of Bitcoin transactions has long been under debate. New data shows that Bitcoin may be doing better than most people thought it would. Studies from market intelligence platform Blockdata shows that Bitcoin is processing more dollars than leading digital payment platform PayPal, and might overtake Mastercard by 2026. As of now, Bitcoin processes around a quarter of the amount the Mastercard processes. According to the latest data, Bitcoin processed around $489 billion, while PayPal processed around $302 billion at the same time.
While Bitcoin has overtaken PayPal, it is still quite distant from other major payment platforms – Visa and Mastercard. While the present scenario does not indicate a potential for Bitcoin to overtake Mastercard or Visa, it could do so by maintaining its present rate of growth.
Bitcoin transactions have to increase by around 260% per day for it to reach levels close to Mastercard and Visa. Both Visa and Mastercard have been present in the economic landscape for a while, and giving them a run for their money alone shows how far Bitcoin has come.
In the coming decade, we can expect cryptocurrencies to dominate different sectors. However, it must also be kept in mind that platforms dealing in fiat currency often do not have to go through the same procedures. With a more crypto-friendly political situation, it won’t need long for Bitcoin to surpass all competition.