Bitcoin transaction volume to surpass internet in 2020: Willy Woo

Bitcoin transaction volume worth will surpass that of the internet in 2020. Famous Bitcoin enthusiast and expert Willy Woo used statistical data to prove that Bitcoin transaction volume next year will exceed the total transaction volume on the internet.

Statista, a popular statistical portal, concluded that the current volume of digital payments on the internet, including mobile PoS payments and eCommerce payments, touch the four trillion dollars ($4.1T) mark.

When it comes to Bitcoin transaction volume, the number stands for three trillion US dollars. Considering the explosive growth in Bitcoin and blockchain payment methods, the Bitcoin transaction volume numbers will surely surpass those on the internet in the coming year.

Bitcoin transaction volume to explode in the coming years

Statista data must be taken as a pinch of salt, as a basic rule if nothing else. The four trillion US dollars figure is highly under-reported since annual Chinese digital payments alone are worth 40 trillion US dollars. Still, Bitcoin has been pretty quick to catch up with traditional financial systems.

Besides the rise in Bitcoin transaction volume, the coin has displayed remarkable fundamental growth trend in 2019. The BTC network hash rate has almost doubled in the past year.

In fact, it touched a new all-time high mark on 1 January 2020. The Bitcoin on-chain volume reached an impressive four trillion dollar ($3.8T) mark. These are surprising figures considering Bitcoin is merely a decade old!

Bitcoin is the new internet

Bitcoin has always been compared to the early internet. Many a time, it is compared to the notorious dot-com bubble of the early 2000s. Joe Kernen of CNBC said that cryptocurrencies had been highly misunderstood just like Amazon in its early days.

Jack Dorsey, Chief Executive Officer of Twitter, says that Bitcoin could soon become the ‘De-Facto’ currency on the internet. It can power the entire digital payments segment on the internet in the coming decade.

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