The Bitcoin network already processes more volume by dollar value than PayPal, and the largest decentralized cryptocurrency network in the world by market capitalization could outstrip Mastercard by as early every bit 2026.

A Thursday written report from market intelligence platform Blockdata titled "When might the Bitcoin network process volumes like Mastercard & Visa?" points out that the Bitcoin network processed almost $489 billion per quarter in 2022, which is greater than PayPal's $302 billion. Afterward just 12 years in being, Bitcoin processes about 27% of Mastercard's $ane.8 trillion per quarter and 15% of Visa's $iii.2 trillion.

Iii factors could meet the Bitcoin network 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 of the price of Bitcoin (BTC).

The first gene — the total number of transactions — is the most variable-dependent. Theoretically, "if Bitcoin were to increase its value transferred per transaction today past ~260%, it would be processing an equivalent volume to Mastercard on a daily basis."

Still, the report could not find current data indicating that the average amount of Bitcoin sent per transaction is on an upswing. The tendency could change in the future, but a ascent in price to $245,000 at the current book would besides bring Bitcoin to match Mastercard. This toll activity is potentially more likely than an uptick in book, according to some analysts.

Blockdata ultimately claims that it is unlikely for Bitcoin's cost to rise to the appropriate level to match Mastercard. If 1 considers the average yearly Bitcoin price, it might take until 2060. On the other hand, "taking the current growth rate in 2022 as a metric, it could happen every bit presently as 2026."

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The report noted that although it is relatively young, the decentralized Bitcoin network has managed to accomplish high volumes compared to the two centralized credit carte du jour giants.

"It'southward impressive how Bitcoin, as a 12-year-sometime decentralized network, is 27% of the way in terms of volume processed compared to Mastercard, a company founded in 1966."