Bitcoin (BTC) Ranks As World 6Th Largest Currency
Bitcoin (BTC) the most popular digital currency in a new survey carried out has been reported as the sixth-largest currency in the world. Bitcoin (BTC) Ranks As World 6Th Largest Currency
According to the report, the king of crypto beat the Russian ruble (RUB) to become the sixth-largest currency in the globe after just a decade since it’s establishment by an anonymous person or group by the name Satoshi Nakamoto.
Bitcoin (BTC) since it’s creation has witnessed a steady rise. Although the currency had to climb from practically nothing it recorded a steady rise and as at press time the currency is value at about $10,385.
The digital currency which has seen its market capitalization surge to over $200 billion has invariably stamped it itself not only as one of the most used currency globally but also as surpass many fiat currencies in the world.
Although Bitcoin (BTC) and other fiat currencies are not the same in terms of how they are calculated in circulation value, however, the pairs world currency rankings can be calculated by establishing and comparing its market capitalization to the M0 money supply of fiat currencies.
Notably, M0 refers to the most liquid form of money: cash. That includes central banknotes and coins. MB refers to the base money supply from which banks can extend the money supply.
Other top fiat currency
Bitcoin (BTC) according to the report has surpassed a lot of fiat currency in existence and currently sits as the sixth-largest currency in the world after beating Russia ruble in amount in circulation.
Notably the fiat currency topping the world currency rankings is the US dollar (USD). The US Federal Reserve disclosed that there are currently more than $1.95 trillion worth of the US dollar notes and coins in circulation.
Holding it down at the second place is the Euro (EUR) a pretty new fiat currency. It was established in 2002 by the European Union and is currently been used and accepted in all EU member states. Also official data from the EU suggest that there are 1.38 trillion euros in circulation.
The Chinese Yuan (CNY) holds it down as the third fiat currency in the current world currency rankings. Trading Economics data reveals that there are about 8 trillion Chinese Yuan in circulation, which is basically equivalent to $1.15 trillion.
Coming in at number four is the Japanese yen (JPY) with a total of 106 trillion JPY in circulation. And at number five is the Indian rupee (INR), which currently has more than 31 trillion INR in circulation.
Countries leading in the adoption of Bitcoin (BTC)
Blockchain research firm Chainalysis, recently revealed several countries where Bitcoin (BTC) and other digital currency are used the highest.
Notably of the top ten countries with high usage rate only two are developed nations namely, China and the United States.
The research firm out of 154 countries analyzed, revealed that Ukraine, Russia, and Venezuela lead the world in terms of crypto adoption. Also included in the top 10 are China, Kenya, South Africa, Nigeria, Colombia, and Vietnam.
Bitcoin Is 3rd Largest World Currency By Market Cap
At its current market cap, Bitcoin is No. 3 among all global currencies.
Since its creation just over a decade ago, Bitcoin (BTC) has seen its price climb from practically nothing up to its current value of over $59,000.
In that time, Bitcoin’s market capitalization—its circulation supply multiplied by the value of each unit—has skyrocketed to top $1 trillion, making Bitcoin not only the largest cryptocurrency, but also larger than most government fiat currencies.
Bitcoin is now the No. 3 world currency by market cap, Deutsche Bank pointed out in a new research note this week entitled, “The Future of Payments: Series 2: Part III: Bitcoins: Can The Tinkerbell Effect Become a Self-Fulfilling Prophecy?”
Although Bitcoin and fiat currencies aren’t exactly an apples-to-apples comparison in terms of how the circulating value is calculated, we can roughly estimate where Bitcoin sits in the world currency rankings by comparing its market cap to the value of total banknotes in circulation for the fiat currencies.
As Deutsche Bank writes, “In terms of total currency in circulation, Bitcoin is the third-largest in the world, after the US dollar and the euro. This is mainly due to the vast increase in Bitcoin’s value recently. In early 2019, Bitcoin represented ‘only’ 3% of the US dollars in circulation, but in February 2021 it surged beyond 40% of the US dollars in circulation.”
Of course, this is dependent on Bitcoin’s current price, which fluctuates constantly. As DB declares, in a sub-heading that prompted many headlines this week: “Bitcoin is here to stay and its value will remain volatile.”
(There’s another caveat: DB notes that these conclusions “would change dramatically if we looked at monetary base, or M1 or M2, to define the universe of USD in existence. Just the amount of cash/coins printed appears small, as it does not include all the assets held in USD in deposits at banks.”)
Where Bitcoin Fits Into The World Currency Rankings
The US dollar (USD) is still by far the largest fiat currency by circulating supply and market value. DB puts its total value at $2 trillion.
According to the US Federal Reserve, there is $1.8 trillion worth of Federal Reserve notes and coins in circulation—more than three-quarters of which is made up of $100 and $20 bills.
Next up is the Euro (EUR)—a relatively new currency that first launched in 2002 and is now used throughout much of Europe and by most EU member states. DB pegs the Euro’s circulation value at at about $1.7 trillion.
After the Dollar and the Euro comes Bitcoin, then the Japanese Yen, Indian Rupee, Bitcoin back in 2018 at its pre-2020 peak, and then: Ethereum (ETH) right now.
But transaction volume is a different thing entirely from market cap.
Deutsche Bank notes: “Bitcoin transactions are growing, but not as exponentially as its market cap. Currently, Bitcoin transactions average about 0.5 billion per day, which is minuscule. This is only 0.02% of the euro and 0.009% of transactions in dollars. The average daily traded value for USD is 5.8 trillion and for the euro is 2.1 trillion, according to the 2019 BIS triennial FX survey. Thus, Bitcoin is comparable to the smallest currencies. Bitcoin’s liquidity is much closer to the Thai baht.”
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