Are we going over the trillion?

Are we going over the trillion?

As for the price? Most likely not. Total market value? Possible, but unlikely for now. We will probably achieve a total transaction value of more than 1 trillion euros in 2018. That’s more than gold. The total transaction value per day and per year is a number that actually matters more than the price; it answers the question of whether bitcoin functions well as a transaction network.

Bitcoin currently processes billions of euros worth of value in bitcoins every day, where this was ‘only’ in the hundreds of millions during 2013, 2014 and 2015. Bitcoin processed less than 2 billion in value in just one day for all of 2018. The average per day for 2018 is well above that. With this, it seems that the bitcoin network will pass the 1 trillion euros processed value this year. A good sign: Bitcoin is working. It does what it is intended for, and does so on an ever-increasing scale.

The chart above is courtesy of coinmetrics.io and shows bitcoin’s daily transaction volume in US dollars. The total transferred value of the bitcoin network at the moment is not really large compared to all global financial transactions. However, reaching 1 trillion euros in transactions per year is an achievement that is not easily imitated.

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