Blockdata’s report suggests that the Bitcoin network might doubtless match the dollar worth transferred on Mastercard’s network as early as 2026, or as late as 2060.
The Bitcoin network already processes a lot of volume by dollar worth than Paypal and also the largest decentralized cryptocurrency network within the world by market cap may outstrip Mastercard by as early as 2026.
A Nov. 25 report from market intelligence platform Blockdata titled once may the Bitcoin network method volumes like Mastercard and Visa? points out that the Bitcoin network processed concerning $489 billion per quarter in 2021, that is larger than Paypal’s $302 billion. when simply twelve years breathing, Bitcoin processes concerning 27% of Mastercard’s $1.8 trillion per quarter, and 15% of Visa’s $3.2 trillion.
Three factors may see the Bitcoin network to rise to the amount of the 2 credit card giants in terms of total volume processed: the entire variety of transactions, the typical quantity of Bitcoin sent per group action, and also the rise of the value of Bitcoin (BTC).
The first issue — total variety of transactions — is that the most variable-dependent. on paper, “if Bitcoin were to increase its value transferred per transaction today by ~260%, it would be processing an equivalent volume to Mastercard on a daily basis.”
However, the report couldn't realize current knowledge indicating that the typical quantity of Bitcoin sent per group action is on an upswing. The trend may amendment within the future, however an increase in value to $245,000 at the present volume would additionally bring Bitcoin to match Mastercard. This value action is doubtless a lot of doubtless than an dealing in volume, in step with some analysts.
Blockdata ultimately claims that it's unlikely for Bitcoin value to rise to the acceptable level to match Mastercard. If one considers the typical yearly Bitcoin value, it'd take till 2060. On the opposite hand “taking the present rate in 2021 as a metric, it may happen as presently as 2026.”
(Brian Newar, cointelegraph, 2021)