Is Bitcoin bigger than PayPal?

Since 2017, Bitcoin has consistently recorded higher annual transaction volumes compared to PayPal on a total network basis. This is a noteworthy milestone for Bitcoin, highlighting its growing adoption and role in facilitating peer-to-peer transactions. Here's an overview of this trend:
 

1. Bitcoin Transaction Volumes:

Bitcoin, as a decentralized digital currency, has been experiencing increasing transaction volumes since its inception in 2009. These transactions involve the transfer of Bitcoin between users, either for investment purposes, commerce, or remittances.
 

2. PayPal Transaction Volumes:

PayPal, a widely used online payment platform, also processes a substantial number of transactions every year. It facilitates payments for e-commerce, digital services, and more.
 

3. Milestone in 2017:

In 2017, Bitcoin's annual transaction volumes surpassed those of PayPal, marking a significant milestone. This indicated that Bitcoin was becoming an increasingly popular means of transferring value globally.
 

4. Factors Driving Bitcoin's Growth:

Several factors have contributed to the growth in Bitcoin transaction volumes:

Increased Adoption:
More individuals and businesses have started using Bitcoin for various purposes, including investments, international remittances, and online purchases.

Growing Institutional Interest:
Institutional investors and financial firms have shown a growing interest in Bitcoin, leading to larger transactions and trading volumes.

Global Remittances:
Bitcoin has been adopted as an alternative means of transferring funds across borders, particularly in regions with limited access to traditional banking services.

Store of Value:
Many view Bitcoin as a store of value and a hedge against economic instability, contributing to its use in transactions and as a long-term investment.
 

5. Bitcoin's Role as Digital Gold:

Bitcoin's narrative as "digital gold" has contributed to its increasing transaction volumes. This narrative suggests that Bitcoin is a store of value similar to gold and is often used as a hedge against inflation and economic uncertainty.
 

6. PayPal's Embrace of Bitcoin:

It's important to note that PayPal has also taken steps to embrace Bitcoin. In 2020, it announced support for buying, selling, and holding bitcoins within its platform, which could contribute to cryptocurrency transaction volumes.
 

7. Evolving Landscape:

The bitcoin and payments landscape continues to evolve, and transaction volumes for both Bitcoin and platforms like PayPal may fluctuate in response to market conditions, adoption trends, and technological advancements.