It's interesting that, fifteen years after Bitcoin's introduction, we're still trying to figure out its true purpose. Originally intended as an alternative currency to the dollar or other fiat currencies, it hasn't yet fulfilled this objective - at least, in my view.
The above pic popped up in my feed a few minutes ago, and the person who posted it was so thrilled about comparing BTC to the likes of Mastercard or VISA. But as I mentioned in my comment on his post, it's an overblown comparison.
I bet most of the transactions that Bitcoin processes are nothing more than transfers between wallets or exchanges. I don't see many people using Bitcoin as a currency anytime soon. There are probably rare cases where certain individuals would rather send BTC overseas than fiat currencies...
But then again, we have stablecoins for that. I also bet that not even 1% of all the Bitcoin transferred between wallets over the course of a year ends up being spent, unlike most of the fiat currencies we consider in such comparisons.
Bitcoin is no longer spendable... It's more like gold now—or better yet, a form of money that's unfreezable, decentralized, and appreciates over time. At least, that's how I see it.
These types of comparisons are futile to me. If anyone is interested in making such a comparison, I'd rather put USDT or USDC against the likes of Mastercard or VISA, rather than throwing Bitcoin into the arena.
At some point, the space will mature, and we'll start separating blockchains based on their utility rather than dollar valuation and other market-related metrics. I don't see Bitcoin as a currency; I never have, and I doubt it ever will fulfill that function.
The challenge for Mastercard and VISA will be staying in the game against blockchains like Solana, Polygon, and others that facilitate fast, secure, and almost fee-less transactions between wallets 24/7. I doubt these money-transmitting/payment service behemoths will be left behind.
I'm pro-crypto, and I've been a crypto user for many years, but I don't see traditional institutions being that stupid when it comes to keeping up with blockchain technology.
Anyway, to me, Bitcoin is more than just an asset—it's more than gold, but it's definitely not a currency. Thus, its yearly transaction volume is irrelevant. Just my two cents...
Thanks for your attention,
Adrian