Bitcoin On Track To Settle $45 Trillion In 2021, Quadruple Visa's Volume: Ark Invest

The Bitcoin BTC/USD network is on track to settle $45 trillion in 2021 alone, according to a report from Ark Invest.

What Happened: Yassine Elmandjra, a crypto analyst at Ark Invest, shared a graph depicting Bitcoin’s transaction volume over the last year and revealed that its annual settlement volumes are now four times higher than global payments giant Visa Inc V.

Bitcoin is on pace to settle twice as much value this year as all of its previous years combined.

Bitcoin annual settlement volumes are now ~4 times that of Visa’s and ~6% of the Fedwire. pic.twitter.com/K7Nhi2zRsJ

— Yassine Elmandjra (@yassineARK) November 28, 2021

In fact, as Elmandjra pointed out, Bitcoin is likely to settle twice as much value this year as all of its previous years combined.

Bitcoin has settled a cumulative total of $60.67 trillion in its lifetime, meaning 2021 has accounted for nearly 70% of total transfer volume.

Meanwhile, the efficiency of transactions has been steadily increasing over the same period.

In the last week, an average of $64.47 billion was transferred across the Bitcoin network daily.

On-chain analyst Dylan LeClair highlighted that the Bitcoin network has transferred an average of $95,142 for as little as $1 in fees over the last seven days.

Over the last seven days the #Bitcoin Network transferred an average $95,142 of value for every $1 worth of fees.

The median transaction saw $751 of value transferred for every $1 worth of fees.#Bitcoin is the most efficient monetary settlement network the world has ever seen. pic.twitter.com/DzSwxCDKkd

— Dylan LeClair