Bitcoin about to catch up with PayPal in market capitalization

Bitcoin is about to catch up with PayPal in market capitalization, this is demonstrating the importance of cryptocurrencies in the global financial system.

There are few success stories in the world as spectacular as that of Bitcoin. And, no one could expect that, in just ten years, the cryptocurrency created by Satoshi Nakamoto would become one of the most important financial assets in the world. It is getting to the point where Bitcoin is about to catch up with a company like PayPal in terms of market capitalization. Demonstrating the permanent advancement of the crypto world in the financial market.

Bitcoin’s mission to revolutionize fiat market systems

Since its birth, Bitcoin has had a very clear objective: to replace fiat money worldwide as a means of payment for goods and services. The truth is that, until really very recently, no one took it very seriously the prospect that Bitcoin could actually achieve its goal. Even though the trust of Satoshi and the early BTC developers. And it is that, for several years, the cryptocurrency community consisted solely of a group of developers who were fanatical about privacy and cryptography.

Those who gathered in forums such as BitcoinTalk, were dedicated to discussing the future of Bitcoin and creating new functions for the virtual currency. Laying, even without knowing it, the foundations of what would be the most successful financial asset of the century.

This success finally came in 2017, when in the midst of the largest bullish rally in the history of BTC, the cryptocurrency reached its maximum price until today, when it reached around $20,000 per Bitcoin.

In this way, it put cryptocurrencies on the radar of all major media on the planet, and initiating a period of expansion in the crypto market that has allowed the emergence of all the infrastructure of products and services that exists today.

• Discover where to buy Bitcoin.

Destined to beat PayPal?

This is why the fact that Bitcoin’s market capitalization is so close to PayPal’s is so important.

As at the time of publication, Bitcoin Marketcap is around $217 billion dollars. While PayPal’s is at $233 billion. Therefore the difference is “just” $16 billion which shows how far Bitcoin has come in 10 years.

This is interesting due to the nature of PayPal’s business. Since, like Bitcoin, the company founded and later sold by Elon Musk seeks to facilitate international transactions with the main currencies of the world, providing its clients with automatic execution of the same.

However, unlike Bitcoin, PayPal does not offer its services to all countries in the world, establishing limits in countries such as Venezuela, where the population cannot freely access PayPal. While, the commissions charged by the company are much higher than those paid for any operation within the Bitcoin blockchain.

Therefore, it would be fair to consider Bitcoin and PayPal as direct competitors in the electronic payments market.

Consequently, the proximity of the capitalization of BTC with respect to this service, is a sign of the important turnaround that is happening at this very moment in financial markets around the world. Which increasingly open the door to products such as cryptocurrencies.