Bitcoin maintained a stable trajectory over the recent weekend, nearly breaching its highest historical value of $68,991 by reaching $66,579. The cryptocurrency‘s market capitalization soared to $1.31 trillion, surpassing the total in circulation value of the Swiss Franc. This positions Bitcoin, were it to be recognized as an official currency, as the 13th biggest in the world based on market cap.
Bitcoin’s Remarkable Journey and Global Standing
With 19,644,462 units currently in circulation out of the finite 21 million cap, Bitcoin’s growth reflects its increasing global significance. While future prices remain unpredictable, the crypto’s proximity to its peak gives an insight into its expansive impact. Notably, there was a time when 10,000 Bitcoins bought merely a couple of pizzas, but today, that amount translates to a staggering $666.4 million, granting more purchasing power than 97 sovereign nations.
Comparing Bitcoin to worldwide fiat currencies, only a dozen surpass its market value. The Chinese yuan takes the lead, equivalent to over 620 million Bitcoins, with the US dollar following close behind. The European euro, although significant, equals just 242 million Bitcoins. The New Taiwan Dollar, sitting at 12th place, narrowly edges out Bitcoin with roughly 29 million units in market value.
Contrasting Bitcoin with Global Currency Valuations
To put things in further perspective, Iceland’s entire currency supply equates to enough capital to acquire nearly 80% of all DogeCoin, yet it would only secure about 1.5% of Bitcoin’s total supply. Should Bitcoin’s individual price soar to $100,000, its rank among fiat currencies would climb, situating it between the Indian rupee and the Canadian dollar in terms of market value.
In a speculative scenario where Bitcoin reaches one million dollars per unit, it would then hold a market cap under $21 trillion, outstripping every other currency except for the yuan and the dollar, further demonstrating Bitcoin’s potential to reshape economic hierarchies.