Bitcoin may Overtake Mastercard by Transaction Volume Sooner than Later

It is no secret that Bitcoin has been growing in popularity for a long time. A recent report from Blockdata has shown that Bitcoin has a very good chance at surpassing the transaction volume of Mastercard. At the current rate of Bitcoin’s growth, this may even take place as soon as 2026!

There are Three Driving Factors Which Could Make This Happen

The total number of transactions is the first factor. In theory, Bitcoin would be processing the same amount of volume as Mastercard does daily, if its value transferred increased by 260%. Of course, the number of Mastercard’s transactions would have to remain at the same level as they are now by the time Bitcoin increases its total number of transactions to this rate. Similarly, if the average price per transaction on the Bitcoin network were to increase, Bitcoin would also have the potential to match the transaction volume of Mastercard. There is however one problem with this scenario: When the average price per transaction of Bitcoin increases the average number of transactions decreases. The same often happens in reverse as well. When the average number of transactions increases, the average price per transaction tends to decrease. This is due to Bitcoin’s adoption. As Bitcoin becomes more commonly used for regular goods and services, the value per transaction will tend to be lower on average.

The third way that Bitcoin could potentially surpass Mastercard is if its price were able to increase to $245,000. This scenario could play out by 2026 if the price of Bitcoin continues to increase at the same rate as it has in 2021. If however Bitcoin were to continue increasing at its rate previous to 2021, Bitcoin may not match Mastercard until 2060. Keep in mind, this report accounts for the likely increase in Mastercard’s transaction volume as well.

Bitcoin has Already Surpassed PayPal

This year, Bitcoin surpassed the transaction volume of PayPal! Bitcoin has reportedly processed an average of $489 billion per quarter in 2021. By comparison, PayPal only processed $302 billion. Although Bitcoin still has a way to go before it surpasses Mastercard’s quarterly average of $1.8 trillion, this certainly means that this scenario is more than possible. Especially saying as Bitcoin has only been around for 12 short years!

Conclusion

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