Of Bitcoin is the 6th largest currency in the world. There is more money in the digital currency than in 170 other fiat currencies.
Development of Bitcoin
Since Bitcoin’s inception just over a decade ago, its price has risen from practically nothing to its current value of $ 10,200.
In that time, Bitcoin’s market cap has skyrocketed to over $ 190 billion, making Bitcoin not only the largest cryptocurrency to ever exist, but also be larger than many fiat currencies.
The M0 grade
While Bitcoin and fiat currencies are not exactly equal in terms of how circulating value is calculated, we can roughly estimate where Bitcoin ranks in the global currency rankings. This by comparing its market capitalization with the M0 money supply of fiat currencies.
The M0 digit represents the total value of all banknotes, coins and other money substitutes that can be easily converted into cash. The M0 value is also commonly known as “narrow money”.
Where does Bitcoin rank in the world currency rankings?
The US dollar is by far the largest fiat currency currently in circulation in terms of supply. According to the American Federal Reserve $ 1.95 trillion worth of Federal Reserve notes and coins is in circulation.
Next is the euro. Like the US Federal Reserve, the European Central Bank keeps a current reference for the number of euro banknotes and coins it puts into circulation. According to official statistics, as of the last update (July 2020), 1.38 trillion euros was in circulation.
The Chinese yuan (CNY) is the third most valuable currency in the world. According to data from TradingEconomics, there are approximately CNY 8 trillion in circulation, with an equivalent value of $ 1.15 trillion. The Japanese yen (JPY) is not far behind in fourth place with 106 trillion in circulation.
The US dollar, euro, Chinese yuan, and Japanese yen are the only fiat currencies with total M0 capitalization in excess of $ 1 trillion. The fifth largest currency according to the circulating supply is the Indian Rupee (INR), which currently has more than 31 trillion INR in notes in circulation. This is currently worth just over $ 425 billion.
Last, but certainly not least, Bitcoin currently holds the position of the sixth largest currency. The Russian ruble (RUB) is barely above this.
$ 330 billion at its peak
Bitcoin currently has 18.48 million tokens in circulation, each worth $ 10,280 at the moment. This places Bitcoin’s M0 limit at $ 190.5 billion, making it roughly half the Indian rupee and just over a tenth the size of the US dollar. At its current market capitalization, Bitcoin has a money supply of more than 170 different fiat currencies.
At its all-time high, Bitcoin achieved a market cap of nearly $ 330 billion. At that time, Bitcoin would have become the fifth largest currency in the world.
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