Coin Metrics co-founder Nic Carter says Bitcoin hasnโt 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 thatโs 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 networkโs annual volume has not grown since 2021.
As per his calculations, BTCโs 2023 adjusted volumes are โannualizing at $3.1 billion,โ which is one-fourth of Visaโs annual volumes. Carter says any claims to the contrary are based on โpoorly adjusted measures of BTC on-chain settlement value.โ
โIf you donโt strip out a lot of spurious churn & change transactions, you get a massively inflated figure. The difference is really stark.โ
Nic Carter
Carter admitted that on-chain value settled is โpretty subjective and tricky to determine.โ He reiterated his stance, saying thereโs no question from his seat that Bitcoinโs settlement volume has not surpassed that of Visa.
Bitcoin vs. Visa discussion
Carterโs statement comes shortly after William Clemente, the co-founder of Reflexivity Research, published a post on X.
Clemente stated that Bitcoin surpassed Visaโs annual transaction volume. He also added he was using Glassnodeโs change-adjusted volume, noting he was not sure what diff in methodology is.
