There are few success stories in the world as spectacular as Bitcoin’s. No one could have expected that in just ten years, the cryptomoney created by Satoshi Nakamoto would become one of the world’s most important financial assets. At this point, Bitcoin is about to catch up with a company like PayPal in terms of market capitalization. Demonstrating the continued advancement of the crypto world in the financial marketplace.
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Since its birth, Bitcoin has had a very clear goal: to replace Fiat money worldwide as a means of payment for goods and services. However, as much as it was the confidence of Satoshi and the first developers of BTC. The truth is that, until very recently, no one could take the prospect of Bitcoin actually achieving its goal very seriously.
For several years, the crypto community consisted solely of a group of developers who were fanatical about privacy and cryptography. Those who gathered in forums like BitcoinTalk, were dedicated to discussing the future of Bitcoin and creating new features for virtual currency. Establishing, even unknowingly, the basis for what would be the most successful financial asset of the century.
This success finally came in 2017, when in the midst of the biggest bullish rally in BTC history, cryptomoney reached its peak price until today, when it hovered around $20,000 per Bitcoin.
Thus, it put crypto-currencies on the radar of all major media on the planet, and initiated a period of expansion in the crypto-market that has allowed the emergence of the entire infrastructure of products and services that exist today.
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Destined to beat PayPal?
That’s why it’s so important that Bitcoin’s market capitalization is so close to PayPal’s. Well, today Bitcoin’s market cap is $213 billion according to CoinMarketCap, while PayPal’s is $233 billion. There is therefore a difference of only $20 billion between the crypto-currency and the company.
This is interesting because of the nature of PayPal’s business. Because, like Bitcoin, the company founded and then sold by Elon Musk seeks to facilitate international transactions with the world’s major currencies by providing its customers with automatic execution of transactions.
However, unlike Bitcoin, PayPal does not offer its services to all countries in the world, establishing limitations in countries such as Venezuela, where people cannot freely access PayPal. Meanwhile, the fees 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 Revolution and PayPal as direct competitors in the electronic payments market. And consequently, the proximity of BTC’s capitalization with respect to this service, as a sign of the important shift that is happening at this very moment in the financial markets around the world. Which are increasingly opening the door to products such as cryptosystems.