On-chain analytics show Bitcoin is the most efficient value settlement network, settling more than $60 trillion in transfer volume to date.
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This year has been an impressive one for proving how much value the Bitcoin network can settle and how efficiently it can do so. Over its lifetime, Bitcoin has settled more than $60 trillion in total transfer volume and over $21 trillion in change-adjusted transfer volume.
Nearly 70% of the total value transferred on the network, in USD terms, has come in 2021. Total transfer volume and change-adjusted volume have grown 5.5x and 5.1x from last year, respectively. That doesn’t include the pending December volume for this year either.
Annualizing the total transfer volume for the year puts Bitcoin on pace to settling nearly $45 trillion in 2021. As a competing monetary network with final settlement, that puts Bitcoin at near 6% of volume as a percentage of the average annual Fedwire volume over the last seven years.