The global traded volume of Bitcoin in 2018 is $2.2 trillion. That’s more than the traded volume of the Bulgarian Lev (BGN) - the national currency of European country Bulgaria.
Bitcoin Outperforming Traditional National Currencies
Bitcoin’s total traded volume has increased substantially in 2018. Despite the falling prices throughout this prolonged bear market, the cryptocurrency has seen a total traded volume of $2.2 trillion.
In comparison, the traded volume in 2017 was just around $858 billion - over four times less, shares Twitter user Satoshi Capital Research (@chartingbitcoin).
Not only is it more than last year
To this, Satoshi Capital Research concludes that Bitcoin’s position as a global currency is solidified:
This solidifies its position as a serious global currency, ranking just under the Chilean Peso and more than 6x the Bulgarian Lev.
Over $3.2 Trillion Transferred With Bitcoin
Another interesting thing that the user has revealed is that layer 1 Bitcoin transactions transferred a total value of $3.2 trillion in 2018.
Now, it’s important to outline that these are on-chain transaction volumes which don’t factor the amount of BTC transferred through its off-chain scaling solution - the Lightning Network. What this means is that the total value of BTC transferred in 2018 is even higher than the suggested.
In general, Bitcoin’s adoption is also growing. My Bitcoin News reported that it’s now possible to buy Bitcoin at thousands of regular stores throughout different countries. Bitcoin ATMs, on the other hand, are now more than 4,100.
What do you think of Bitcoin outperforming the Bulgarian Lev in terms of traded volumes? Don’t hesitate to let us know in the comments below!
Images credit of Twitter/@chartingbitcoin; 123RF.com