Chart of Week- Bitcoin daily volume higher than Western Union

While the use of Bitcoin for both retail and commercial trade is relatively very small, the daily transaction volume of Bitcoin is already higher than that of the global payment network Western Union and only 27% short of PayPal's daily transaction volume.  Quite an accomplishment for a digital currency in existence just a few years, but does show you the power of speculators to drive a market. Speculators love volatility, and there is no shortage of that with Bitcoin.

Most of us are still befuddled by Bitcoin, and until we get a clearer view on the regulatory landscape it will be hard to find true acceptance. But when I see the American Banker hosting digitial currency conferences for bankers, I am hopeful we are moving in the right direction- get the people that fear it the most in the room to hopefully shed some light on the transformations that can take place.

This chart is courtesy of Coinometrics

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