Bitcoin is currently on the road to overtaking Paypal in terms of transactional volume for the first time ever. Even with bitcoin’s fluctuating nature, people are always making the digital currency work.
Laureate Trust’s CEO Peter Tasca stated:
“Whenever you have an instrument that trades over 300 million US dollars a day, it must be recognized. The digital currency works, Bitcoin has greater volume transactions than Western Union and we anticipate it will overtake Paypal later this year.”
Chaya Hendrick, CEO of SmartMetric, believes that bitcoin could even surpass the likes of payment platforms such as Discover, American Express, MasterCard, and Visa.
Tasca also views bitcoin as a way to break away from the restraint government institutions hold over the financial market. He adds that virtual currencies are meant to be spent and not traded, as is done with money.
Laureate Trust offers portfolio management to strengthen results. It believes in four main principals, which include diversification, technical analysis, trend following and risk management. Together, these principals allow potential for profiting off of any economic situation.
Bitcoin payment processors such as Bitpay and Coinbase challenge Paypal in the electronic money transfer industry, according to eBay.
Tasca reports that the fall of Japanese bitcoin exchange Mt. Gox may have impacted the bitcoin industry negatively, but has also helped businesses that came after its demise to avoid the same mistakes. Such companies have stricter security policies, as well as a stronger technological backbone.
Though bitcoin couls potentially run Paypal out of business, Paypal president David Marcus has a sweet spot for the digital currency. He has even admitted to owning a few coins.
Marcus and his company haven’t completely ruled out utilizing bitcoin within their own business model, but are patiently waiting for the right time to jump in.
If Paypal started adopting bitcoin in the near future, they may not be too late on being able to capitalize on the ever growing digital currency train.