Bitcoin, the world’s largest and most liquid cryptocurrency, continues its rapid expansion, now shining as the only crypto among the dominant central bank currencies in the top 20 global currencies, according to credit card company Bold. As of November, Bitcoin has entered the list of the world’s top 20 currencies.
Data from CEIC and crypto data and price platform Coingecko as of November 19, 2023, confirms Bitcoin’s market cap at $732.5 billion, placing it 15th among sovereign central bank currencies. The Swiss franc precedes Bitcoin with an M1 money supply worth $749 billion, followed closely by the Indian rupee with $693.1 billion.
Bitcoin’s price continued to rise in December with the anticipation of a spot Bitcoin ETF approval, surpassing the Swiss franc. Its market cap now stands at $835 billion, ranking it 13th, right before South Korea with a market value of $904 billion.
Prominent crypto investor Anthony Pompliano recently suggested on CNBC’s Squawk Box that Bitcoin could reach a price of $500,000 if it matches the market value of gold, indicating that Bitcoin still has a long way to go. Currently, Bitcoin’s market cap exceeds half of the total market value of silver.
The American Association for the Advancement of Science posed the question “Are cryptocurrencies currencies?” in a December 22, 2023, Science article, highlighting that cryptocurrencies are one of the most significant developments in the monetary economy over the last decade but have not yet been widely adopted as a medium of exchange.
An article titled “Bitcoin and Global Hegemony” published in Geopolitical Monitor on November 10, 2023, emphasized Bitcoin’s potential to become a major reserve currency. It suggested that stateless cryptocurrencies like Bitcoin could be a driving force for renewing the global monetary order or at least increasing diversification. Coinbase CEO Brian Armstrong also touched on this subject earlier in the month, stating that Bitcoin is not a threat to the US dollar but could be key to expanding Western civilization and protecting the US and its allies from dollarization.
