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Bitcoin Reportedly 11th Largest Money Supply in the World

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August 8, 2019 | 

Darryn Pollock |  0 Comments| 

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Bitcoin ranks as the 11th largest money/monetary supply in the world, ahead of countries like South Korea, Australia and Taiwan. This is an impressive accomplishment for the digital asset which is still only 10 years old. 

Part of this list sees Gold way ahead as a money supply, sitting at over $8 trillion, with Japan’s money supply next, then China and the European nations. Currently, Bitcoin is worth $0.21 trillion dollars, better read ast $200 billion.

This figure is known to wildly fluctuate, given the volatile cryptocurrency market, but because of this fluctuating in price - which is expected to rise because of global financial uncertainty, the ranking of the top cryptocurrency could soon overtake Russia, which is not too far ahead of it. 

Challenging the top

If one was to take the overall cryptocurrency market cap into consideration, it would already out rank Russia as currently it is sitting at $300 billion. Still, Bitcoin is the dominant force in the cryptocurrency sphere, sitting at nearly 69 percent, so it is worth examining its chances against the others. 

In fact, at its all time high, Bitcoin's market cap alone was bigger than Russia’s monetary value currently. Bitcoin, when valued at $20,000 reached a market cap of $312 billion. There is no reason to doubt that the coin can once again reach these heights, if not higher. 

Because of the scarcity of the coin, its value is expected to rise over time as it was also designed to be anti-inflationary. However, if Bitcoin is to start climbing these ranks, it would need to make it to over $700 billion to best the United Kingdom. 

After that comes Silver, valued at $800 billion globally, and if Bitcoin was to reach a mark higher than that, it would then be the sixth largest supply of money in the world, and would possibly have to stay there for some time. 

The top five money supplies in the world jump significantly with the the USA valued at $3.3 trillion, steadily growing until gold at the top which has a nearly 200 percent lead on Japan.

Impressive, but not important

These figures will not win Bitcoin any competitions, nor will it help the coin become more established than its competitors. However, what it does show is the impressiveness of a currency that was created out of a nine-page document. 

Bitcoin has now owner, no headquarters, it is only 10 years old, and yet it is global and well known across the world. For a system of money that is based on maths, and has no physicality, this is an impressive feat and probably indicative of the times, and the future.

This is the days of Uber being the biggest taxi company, but owning no cars; Airbnb being the biggest hotel group, with no real estate; and now Bitcoin, the 11th biggest monetary supply, with no bank.

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