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Bitcoin network surpasses PayPal in volume processed, eyes overtaking Mastercard next

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FX Street

Fri, Nov 26, 2021

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The Bitcoin network’s volume processed has already surpassed PayPal, reaching $489 billion per quarter.

If Bitcoin price were to reach $245,000, the network’s volume could easily exceed that of Mastercard.

The world’s oldest decentralized cryptocurrency network, Bitcoin has already surpassed PayPal in terms of volume processed by dollar value.

According to a recent report by Blockdata, Bitcoin is 27% of the way in terms of volume processed compared to Mastercard – a company built in 1966 – with its network processing $1.8 trillion per quarter.

The report also suggested that Bitcoin could reach Mastercard and Visa-level volumes based on three factors, including the number of transactions rising, the average amount of BTC sent per transaction rises and the surge in the price of the leading cryptocurrency .

Blockdata noted that if Bitcoin were to increase its value transferred per transaction by roughly 260%, the network would be processing an equivalent volume to Mastercard.

If Bitcoin price were to reach $245,000, around a 260% climb, the network would reach Mastercard’s volume.

Given the current growth rate in 2021, Blockdata suggested that the Bitcoin network could surpass Mastercard’s volumes as early as 2026.

The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

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