Bitcoin Nears Historic High with Market Value Surpassing Global Currencies
Summary:
Bitcoin's remarkable rise sees it nearing its all-time high of $68,991, boasting a current value of $66.5K and a total market worth of $1.31 trillion. This achievement surpasses the total circulating Swiss Francs and positions Bitcoin as the 13th largest currency in the world by market capitalization. Bitcoin's global impact is significant with millions in circulation, holding more buying power worldwide than 97 existing countries. However, only 12 traditional currencies can afford to buy the entire bitcoin supply, headed by China's yuan. If Bitcoin reached $100k per coin, it would rank between the 7th and 8th most valuable fiat currencies.
Bitcoin's value remained stable over the past weekend. At present, it boasts a worth of $66.5K, which is quite close to its historic peak in US dollars at $68,991. This puts Bitcoin's full market value at a massive $1.31 trillion, exceeding the collective worth of the Swiss Francs in circulation. If Bitcoin were treated as a conventional currency, it would rank as the 13th most colossal globally, measured by market capitalization.
A total of 19,644,462 bitcoins are reportedly in circulation right now. Although Bitcoin has a theoretical upper limit set at 21 million, because of the structure of mining rewards, it's doubtful that the full cap will be attained. It's impossible to exactly predict Bitcoin's future value. Still, considering its current position—fluctuating around its former peak—it's worthwhile to understand Bitcoin's extensive global implications.
There was once upon a time when 10,000 BTC could barely fetch you a pair of pizzas. Now, a single bitcoin can be traded for about 1,000 Papa John’s shares, which is the fourth most significant pizza chain in their market worth. At the current market rates, someone holding 10,000 bitcoins in their possession would have around $666.4 million, giving them more spending power globally than 97 existing countries.
Only 12 recognized currencies have enough circulation to purchase all available bitcoins. China's yuan leads the pack with a market cap tallying at 620,521,346 BTC, while the US dollar, whose circulating supply equals 597,177,334 BTC, comes next.
The euro drops far behind with an overall market cap of about 242 million bitcoins. At number 12, just above Bitcoin's market cap, is the New Taiwan Dollar, with a total circulation equivalent to a bit more than 29 million bitcoins.
For context, there's a supply of about 2.7 trillion Icelandic Krona circulating right now, which could buy approximately 80% of DogeCoin's global supply. Conversely, if Iceland decided to put all its Krona int Bitcoin, they could acquire roughly 1.5% of the total BTC supply.
Looking further ahead, if bitcoin were to ever reach $100K per coin, it could place 7th or 8th in the list of the most valuable fiat currencies by market cap, sandwiched between the Indian rupee and the Canadian dollar. If Bitcoin were to ever reach one million dollars for a single coin, it would boast a market cap of just under $21 trillion, leaving only the Yuan and the US dollar ahead of it.
Published At
3/4/2024 8:53:43 PM
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