CEO of Laureate Trust, Peter Tasca, explains:
“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.” According to Statistic Brain, PayPal processes just $315.3 million in transactions everyday, just slightly above the dollar amount of bitcoin’s daily transactions despite the digital currency still remaining at a relatively low percentage rate of consumer and merchant adoption.
The developer of the first biometrically protected bitcoin payment card, remains heavily leveraged in respect to bitcoin adoption; however, the company’s CEO, Chaya Hendrick, says that bitcoin’s sheer transaction volume will continue to rise at a staggering rate:
“In the next one or two years, Bitcoin can surpass the dollar transaction volumes of other established payment companies including Discover, and even American Express, MasterCard, and Visa.” While both Laureate and Hendrick see the number of bitcoin transactions climbing, Laureate, who currently manages a $5 billion hedge fund, predicts that along with increased volumes will come an increase in price, which he expects to be somewhere in the 50% range.
Meanwhile, SecondMarket CEO Barry Silbert, recently explained at the Core Club hosted forum in New York City that bitcoin currently remains in the “early majority” stage in which he refers to as the “venture capital stage”. However, the CEO and Bitcoin Investment Trust (BIT) founder says that “we’re probably just a few months away from Wall Street banks starting to trade bitcoin, starting to invest in bitcoin, and starting to create investment products for bitcoin.”
While bitcoin becomes an increasing threat to existing payment processors, in an interview with EcommerceBytes, CEO, John Donahoe, reffered to the digital currency as an exciting, new and emerging technology. “We think Bitcoin will play a very important role in the future. Exactly how that plays out, and how we can best take advantage of it and enable it with PayPal, that’s something we’re actively considering. It’s on our radar screen,” he said.
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