Increasing levels of interest and adoption rates have skyrocketed the transfer volumes of Bitcoin to monstrous levels, coming up just behind the total GDP of the USA.
Statistical reports and data from sources show that the total transfer volume of the leading cryptocurrency has reached more than $15.8 Trillion and continues to grow. The surprising thing to see here is that it is still mid of 2021, and the trading volume of Bitcoin is trailing just behind the total GDP of the United States, which currently sits at around $22 Trillion. Bitcoin’s trading volume has covered more than 70% of the United States GDP and is not seeing to stop as trading and adoption rates increase.
The positive trend of Bitcoin’s trading volume mostly came up when the asset saw a massive popularity gain at the start of the year, as institutional adoption had seen record flow numbers in the crypto market. Taking a closer look at the matter, a few analysts have said that they believe that Bitcoin will see another record of institutional engagement.
It is still not sure if these claims from analysts will turn out to be true or not. The recent crypto market caused a lot of chaos all across space. As the valuation of the currencies changed, so did the trading volumes. Bitcoin and some other crypto assets saw price drops of nearly 50%. Bitcoin dropped from a record $64k price to a low of just $30k.
Bitcoin’s Importance
Despite all this, the transfer rates still seem to hold up firmly, as the crypto’s current position in the system seems to have stabilized. Bitcoin pros still believe that Bitcoin still has a lot of potentials to become an alternative to the existing traditional system. The increasing transfer rates and adoption rates have certainly highlighted that Bitcoin is a viable candidate for being used as a regular trading currency. Explaining this, we can see multiple examples, such as the Major of Jackson City, the USA, announcing that property tax can be paid using Bitcoin. The mayor also said that the high level of inflation problem could also be solved using Bitcoin, as the asset works against inflation.
Additionally, the city of Miami has plans to become the ‘cryptocurrency city,’ and the country of El Salvador has formally assigned Bitcoin a legal tender to freely move around the country without any problems.
