The transaction value of Bitcoin has already exceeded $1.3 trillion this year, preceding the latest numbers from both PayPal and Discover.
According to Yassine Elmandjra, a cryptocurrency analyst at New York-based investment firm ARK Invest, most people concentrate on transaction volume i.e. the number of transactions Bitcoin handles each year, instead of the value, the amount in dollars that is being transacted. He shares the same on his Twitter:
Look 👀 at the transaction *value*, NOT the transaction *volume*. $3-4 B worth of bitcoin has been transacted daily in the last year. At ~ $1.3T annually, Bitcoin’s base layer transactional value is within an order of magnitude away from Visa’s. pic.twitter.com/KhGva4I1rB
— Yassine Elmandjra (@yassineARK) August 22, 2018
Visa processed nearly $9 trillion last year, which is a long way away from Bitcoin. In saying so, Visa’s primary use is to process charges for consumer purchases and unlike PayPal and Bitcoin it can’t be used to send money peer to peer. Notably, the transaction value of Bitcoin still comes from speculative trading.