Hamish MacEwan

Bitcoin Set to Overtake eBay's PayPal in Transaction Volumes

Popular digital currency bitcoin is expected to overtake e-commerce giant eBay’s payment processor PayPal in terms of US dollar transactions in the near future.

California-based hedge fund Laureate Trust says that bitcoin is fast establishing itself as the currency to use globally and instantly to make purchases or payments over the internet recording nearly $300m (£178m, €220m) daily in transactions.

"Whenever you have an instrument that trades over 300 million US dollars a day, it must be recognized," Peter Tasca, CEO of Laureate Trust, said in a statement.

"The digital currency works, Bitcoin has greater volume transactions than Western Union and we anticipate it will overtake PayPal later this year."