Market value of bitcoin greater than PayPal

In recent weeks, the price of bitcoin has reached new all-time highs, significantly higher than when we last wrote about the price a short time ago. The high of $4480, or about 3850, was reached on August 17. With this, the total market value of bitcoin exceeds the market value of PayPal.

At the time of writing, PayPal’s market value is approximately $70.77 billion. The market value of bitcoin is equivalent to that at a price of $4283 per bitcoin, with over sixteen and a half million bitcoins in circulation. At its peak, Bitcoin’s market value was more than $3 billion greater than PayPal’s market value.

Development of the market value of bitcoin (source: coinmarketcap)

David Sacks, who joined PayPal in 1999 and served as Chief Operating Officer for 15 years , said Bitcoin has become what PayPal aimed for all those years ago:

Bitcoin is fulfilling PayPal’s original vision to create “the new world currency”. We actually had T-shirts printed in 1999 with that mission statement. PayPal could become the database of money.

While PayPal is still a widely used payment method around the world, this is a statement that gives bitcoin a well-deserved dose of recognition for what it has achieved so far. Bitcoin still has a long way to go before it becomes the go-to means of payment for online payments, but the development continues steadily and – if the price is to be believed – so does the adoption.

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