• Bitcoin’s USD transaction volume almost tied the USD volume of the rest of the Internet in 2019

The USD transaction volume of Bitcoin in 2019 was USD 3.8 trillion. Simultaneously, all of the digital payment methods on the Internet denominated in USD combined produced USD 4.1 trillion of volume. Therefore, Bitcoin almost tied the USD volume of the rest of the Internet in 2019, and in 2020 could eclipse the same.

The USD 4.1 trillion figure includes mobile point of sale payments and digital commerce, such as PayPal and bank cards. It can be argued that most Bitcoin transactions involve investments rather than purchases of goods and services, but the fact remains that Bitcoin’s USD transaction volume is almost on par with the USD volume of all other digital fiat payment methods combined.

That being said, China alone has USD 40 trillion of digital payments, except that payments in China are denominated in Chinese uuan (CNY) so they are not included in the USD volume figure. Thus, although Bitcoin may be about to surpass the rest of the internet in terms of USD transaction volume, Bitcoin still has a ways to go to surpass global internet transaction volume when other fiat currencies are included.

 

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