According to an ARK Invest crypto analyst, Yassine Elmandjra, the transaction dollar value of Bitcoin has outperformed that of PayPal and of credit card Discover; Visa tops the list by a significant margin though.
Bitcoin’s transacted value is estimated to be $1.3 trillion. This cryptocurrency has recorded stable growth in its transaction volumes since 2013. Last year, approximately $3-4 billion worth of Bitcoin was transacted daily. However, the analyst points out that the real deal is in increased total value of Bitcoin: “Look at the transaction value, NOT the transaction volume.”
Forecasts show that Bitcoin transactions will continue to grow. If a 80% annual growth trend of the last five years is continued, Bitcoin has a chance to challenge Visa. However, many see the lack of solutions to Bitcoin’s scalability problem as a major obstacle.