The Bitcoin network is already processing more volume by dollar value than PayPal, and the world’s largest decentralized cryptocurrency network by market capitalization could outperform Mastercard by 2026.

A November 25 report by the market intelligence platform Blockdata entitled When could the Bitcoin network process volumes like Mastercard and Visa? points out that the Bitcoin network processed about $ 489 billion per quarter in 2021, which is more than PayPal’s $ 302 billion. In just 12 years of existence, Bitcoin processes roughly 27% of Mastercard’s $ 1.8 trillion per quarter and 15% of Visa’s $ 3.2 trillion.

Three factors could cause the Bitcoin network to rise to the level of the two credit card giants in terms of total volume processed: the total number of transactions, the average amount of Bitcoin sent per transaction, and the rise in the price of Bitcoin (BTC) .

The first factor – the total number of transactions – is the most variable. Theoretically, “Bitcoin would increase its value transferred per transaction today by ~ 260% if it processed an equivalent volume as Mastercard”.

However, the report couldn’t find any recent data to suggest that the average amount of Bitcoin sent per transaction is on the up. The trend could change in the future, but a price hike to $ 245,000 at the current volume would bring Bitcoin closer to Mastercard as well. This price movement is potentially more likely than an increase in volume, according to some analysts.

Blockdata ultimately claims that Bitcoin price is unlikely to rise to appropriate levels to compete with Mastercard. If you look at the average annual Bitcoin price, it could be until 2060. On the other hand, “if you could use the current growth rate in 2021 as a measure, it could happen as early as 2026”.

Related: Bitcoin bulls have a lot to thank even though BTC “probably” didn’t hit $ 98,000 in 5 days

The report found that the decentralized Bitcoin network, while relatively young, has managed to reach high volumes compared to the two centralized credit card giants.

“It’s impressive how Bitcoin, as a 12 year old decentralized network, takes up 27% of the processed volume compared to Mastercard, a company founded in 1966.”

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