It’s Official: Bitcoin Is The 11th Largest Monetary Supply In The World

Recently it was announced that Bitcoin has become the 11^th largest monetary supply in the world as tweeted by the trader and analyst Rhythm. In today’s altcoin news we take a closer look at the analysis about the 10-year-old cryptocurrency.

The mathematically limited supply of Bitcoin is now increasingly used as a store of value and it was also associated with the increase in supply. Regarding the market cap, Bitcoin beats the national currencies of Brazil, Australia, South Korea, Mexico, and Canada. The value of all bitcoin tokens created is now over $0.21 trillion which is short of the global supply of the Russian rubles.

Bitcoin still remains the hardest money ever created and it seems like there is some more scalps insight. The bitcoin market cap would have to topple the largest supply of India when Russia is despatched since there are more than $0.4 trillion worth of rupees in circulation. Another similar increase would have to happen in order to overtake Switzerland’s $0.6 trillion. The United Kingdom would also fall with about $0.7 Trillion worth of sterling in circulation.

It is considered that a further jump could happen in the current currency supply of the United States ($3.3 trillion) and Eurozone ($3.6 trillion). Even if this happens, we will still have China with $4.6 trillion and Japan $4.9 trillion to surpass before reaching a bigger prize. Of course, don’t forget about gold since it has by far the largest supply of base money with an estimated $8.4 trillion worth. While all this could look like fantasy, models like stock-to-flow are suggesting that Bitcoin’s reducing supply of new coins could propel the market cap to $100 trillion.

The biggest factor that brought up for bitcoin to be the 11^th largest monetary supply is the bitcoin price. During the 2017 highs, bitcoin was already the 10^th largest money. This also doesn’t affect the circulating supply since many of the existing coins are lost or unusable. However, this does increase their rarity which could further increase the price as we read in the latest cryptocurrency news. It is a nice thing to reflect on the people who put their faith in Bitcoin and as Rhythm suggests, ‘’it should blow your mind.’’