Bitcoin
Bitcoin (BTC)
$67,129.00 0.4472
Bitcoin price
Ethereum
Ethereum (ETH)
$3,519.23 0.25701
Ethereum price
BNB
BNB (BNB)
$593.95 -0.10781
BNB price
Solana
Solana (SOL)
$173.47 2.14837
Solana price
XRP
XRP (XRP)
$0.5921850 2.99135
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000181 0.75378
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000122 -3.51612
Pepe price
Bonk
Bonk (BONK)
$0.0000308 -3.07304
Bonk price
Bitcoin
Bitcoin (BTC)
$67,129.00 0.4472
Bitcoin price
Ethereum
Ethereum (ETH)
$3,519.23 0.25701
Ethereum price
BNB
BNB (BNB)
$593.95 -0.10781
BNB price
Solana
Solana (SOL)
$173.47 2.14837
Solana price
XRP
XRP (XRP)
$0.5921850 2.99135
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000181 0.75378
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000122 -3.51612
Pepe price
Bonk
Bonk (BONK)
$0.0000308 -3.07304
Bonk price
Bitcoin
Bitcoin (BTC)
$67,129.00 0.4472
Bitcoin price
Ethereum
Ethereum (ETH)
$3,519.23 0.25701
Ethereum price
BNB
BNB (BNB)
$593.95 -0.10781
BNB price
Solana
Solana (SOL)
$173.47 2.14837
Solana price
XRP
XRP (XRP)
$0.5921850 2.99135
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000181 0.75378
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000122 -3.51612
Pepe price
Bonk
Bonk (BONK)
$0.0000308 -3.07304
Bonk price
Bitcoin
Bitcoin (BTC)
$67,129.00 0.4472
Bitcoin price
Ethereum
Ethereum (ETH)
$3,519.23 0.25701
Ethereum price
BNB
BNB (BNB)
$593.95 -0.10781
BNB price
Solana
Solana (SOL)
$173.47 2.14837
Solana price
XRP
XRP (XRP)
$0.5921850 2.99135
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000181 0.75378
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000122 -3.51612
Pepe price
Bonk
Bonk (BONK)
$0.0000308 -3.07304
Bonk price

Coin Metrics co-founder debunks Bitcoin flipping Visa in transactions

coin-metrics-co-founder-debunks-bitcoin-flipping-visa-in-transactions
Edited by
News
Coin Metrics co-founder debunks Bitcoin flipping Visa in transactions

Coin Metrics co-founder Nic Carter says Bitcoin hasn’t flipped Visa regarding annual transaction volume, referring to incorrect data aggregated by on-chain firms.

Bitcoin (BTC) is not even close to those transaction volume levels that Visa deals with. At least that’s what Nic Carter, a partner at Castle Island Ventures and the co-founder of Coin Metrics, said in a recent post on X.

The Coin Metrics co-founder said that Bitcoin on-chain value declined significantly in 2023. He noted that the network’s annual volume has not grown since 2021.

Coin Metrics co-founder debunks Bitcoin flipping Visa in transactions - 1
Bitcoin’s annual volume compared to other financial systems | Source: X

As per his calculations, BTC’s 2023 adjusted volumes are “annualizing at $3.1 billion,” which is one-fourth of Visa’s annual volumes. Carter says any claims to the contrary are based on “poorly adjusted measures of BTC on-chain settlement value.”

“If you don’t strip out a lot of spurious churn & change transactions, you get a massively inflated figure. The difference is really stark.”

Nic Carter

Carter admitted that on-chain value settled is “pretty subjective and tricky to determine.” He reiterated his stance, saying there’s no question from his seat that Bitcoin’s settlement volume has not surpassed that of Visa.

Bitcoin vs. Visa discussion

Carter’s statement comes shortly after William Clemente, the co-founder of Reflexivity Research, published a post on X.

Clemente stated that Bitcoin surpassed Visa’s annual transaction volume. He also added he was using Glassnode’s change-adjusted volume, noting he was not sure what diff in methodology is.