A recent report from NYDIG found that the transactional volume within the Bitcoin network was higher than well-known card networks including American Express in 2021.
The report was published on January 28th, 2022 by Greg Cipolaro the global head of research, and Ethan Kochav a research analyst at NYDIG shared that Bitcoin had processed more than $3 Trillion in 2022. Exceeding both American Express at $1.3 Trillion and Discover at $0.5 Trillion – a huge milestone for the cryptocurrency.
“This is astonishing growth, in our opinion, for a payment network that just had its 13th birthday,”
Greg Cipolaro and Ethan Kochav
The statistics show another journey to surpass the likes of Mastercard and Visa, but with Bitcoin’s superior rates of growth compared to every single card network, it may be a short road to travel.
Although Bitcoin’s growth in transaction volume has not always been linear year-on-year, Greg Cipolaro and Kochav said that it has “kept up at a torrid pace when looking at 5-year compound annual growth rates.”
The report incorporates “intra-entity exchanges,” which are exchanges between addresses inside a similar wallet or possessed by a similar association. For instance, this may apply to an exchange that is, every now and again, moving Bitcoin around between various addresses.
In this way, as such, take the $3-trillion figure with a grain of salt.
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