- Bitcoin’s 2023 transaction volume eclipses that of global payment giant, Visa.
- Awaiting the SEC’s decision on multiple spot ETF applications.
Bitcoin’s Meteoric Rise in 2023 Transactions
Starting from a place of doubt and uncertainty, Bitcoin (BTC) has made strides, positioning itself as a formidable medium for transaction settlements. And now, it has hit a milestone that cements its place in the financial world.
Bitcoin’s Ascension Over Visa:
Highlighting this achievement, Will Clemente, a renowned on-chain analyst and co-founder of Reflexivity Research, pointed out Bitcoin‘s triumph over Visa, a behemoth in the payment network space, in terms of annual transaction volume.
Analyzing the data more closely, it becomes evident that Bitcoin witnessed significant phases of growth. The bull market of 2017 set the stage, followed by an explosive 2021, where Bitcoin reached previously uncharted heights. Yet, it was 2023 that truly caught the attention of analysts and enthusiasts alike. Fueling this surge was the rising popularity of BRC-20 tokens and Ordinals. May 2023 marked an unprecedented boost in Bitcoin’s network activity, peaking at over 700,000 transactions on September 15, a record in Bitcoin’s history.
Tackling Challenges Head-On:
The resilience of Bitcoin has been nothing short of impressive. Predictions about the 2022 crypto winter affecting its growth and user retention proved to be misplaced. Instead, this first-generation blockchain showed its mettle by maintaining a robust demand. One only has to look at the increasing number of BTC wallets with a balance of at least 0.01 coins, which recently hit a new all-time high, to understand the retail faith in Bitcoin.
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Such indicators of demand and acceptance are pivotal for Bitcoin as it challenges traditional finance goliaths like Visa.
While the crypto landscape ebbs and flows, the market has its eyes set on another significant development – the U.S. Securities and Exchange Commission’s (SEC) upcoming decision. The body is set to make its stance clear on multiple spot exchange-traded fund (ETF) applications, with the decision postponed to October.
As Bitcoin trades at a commendable $26,554 at the time of writing, the crypto world watches with bated breath, not just for the SEC’s decision, but for what the future holds for the pioneering digital currency.
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