Data from CEIC and blockchain intelligence firm CoinGecko backs that up, showing that Bitcoin’s market cap was $732.5 billion on November 19
The world’s original and most deeply capitalized crypto currency has grown up fast. Bitcoin recently made it to the top 15 currencies in the world in December, according to Bitcoin credit card firm Bold. It is the only crypto among sovereign central bank currencies comprising the top 20 currencies in the world.
Data from CEIC and blockchain intelligence firm CoinGecko backs that up, showing that Bitcoin’s market cap was $732.5 billion on November 19.
Meanwhile, the next biggest global currency was the Indian rupee, with a money supply (M1) in November of $693.1 billion valued in U.S. dollars, as per CEIC data.
Bitcoin was right behind Switzerland in November. The Swiss franc had a money supply (M1) last month of $749.1 billion in U.S. dollars, according to CEIC data.
As Bitcoin price continued to increase in December on spot ETF expectation, the world’s original crypto surpassed the Swiss franc and is nearing the South Korean won, with a total market capitalisation of $840 billion on Tuesday.
As crypto currency investor Anthony Pompliano recently pointed out on CNBC’s Squawk Box, Bitcoin would only need to match gold’s market capitalisation to trade at half a million per coin.
But it has a long way yet to go. Bitcoin is presently worth more than half of silver’s total market capitalisation.
Recently, the American Association for the Advancement of Science posed the question, “Are crypto currencies?” The December 22 research article in the journal Science suggested the answer is not yet.
The introduction of digital currencies is perhaps the most important development in monetary economics in the past decade. Nevertheless, a currency’s defining role is to serve as a medium of exchange, and crypto currencies have yet to be widely adopted as such, the AAAS added.
But a November 10 article in the Geopolitical Monitor, “Bitcoin and Global Hegemony,” suggested that Bitcoin has potential as a major reserve currency.
It said: The introduction of stateless crypto currencies such as Bitcoin represents a potential catalyst for the renewal of the global monetary order or, at the very least, for a growing diversification.