Oddbean

There's a lot of debate about whether or not bitcoin is currently scaling appropriately and I think many are missing the forest for the trees. Particularly when you benchmark bitcoin's success to Fedwire, which is the correct apples to apples comparison. Matthew Meźinskis and I recorded this morning and Matthew presented these two charts and I think they may be the most bullish bitcoin charts I've seen in years. Bitcoin's trailing 12-month transaction volume and value compared to Fedwire. https://m.primal.net/HeJc.png https://m.primal.net/HeJd.png When you factor in batched transactions, bitcoin is already facilitating almost 2x the amount of transactions that Fedwire is on a trailing 12-month basis. In terms of value settled on the bitcoin network, it still has a ways to go to reach parity with Fedwire, however the trend has been a consistent and aggressive march toward parity, with the Fedwire value transfer being 22,000,000,000x in 2010 and ~800x as it stands today. If you dive into the numbers and compare bitcoin to its base money competitors, it is scaling incredibly well. Listen to the full rip here: https://www.youtube.com/watch?v=eilZmefD4Z4