Willy Woo, blockchain analyst has revealed his latest research on the Coin Metrics website. The graph shows the total Bitcoin transaction value in USD. Reportedly, Bitcoin market capitalization is now worth only around 1% of the global GDP but the number is showing significant potential growth as the adoption rate grows.
According to Willy Woo’s data, the average annual transaction volume of Bitcoin is approximately $730 billion. Since 2017, Bitcoin has already surpassed smaller operators like Paypal, which are currently processing around $580 billion dollars in value.
However, when compared to the giant credit card company like Visa, which processes around $8.8 trillion in transactions per year worldwide. The market share of Bitcoin may seem small, but when considering the fact that Bitcoin is only been around for just one decade, the growth of its user base is simply amazing. Woo also predicts that, from his calculation, Bitcoin transaction value will surpass that of Visa’s sometime after the next halving.
Nevertheless, Woo claims that this data is only estimated, since it may include movement from cold wallets held by exchanges which would not constitute as real transactions.
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