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Bitcoin Becomes 16th World’s Largest Currency, What’s Next?

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0
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Bitcoin is everywhere in 2021, and there isn’t any area of the world of finance that the cryptocurrency hasn’t begun to cut into. The asset’s booming market cap puts it in front of some of the largest publicly-traded companies in the world.

The recent rally has also helped the cryptocurrency become the 16th largest world currency overall, trailing directly behind the Russian ruble. Here’s the rest of the remaining currencies Bitcoin has left to leave in its dust as it develops into the greatest currency ever to exist.

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Unstoppable Bitcoin Rally Rapidly Leapfrogging All Other Market Caps

Bitcoin at this point appears to be completely unstoppable, absorbing capital from all other markets, assets, and more. Throughout 2020, the asset stole a sizable share of the gold market, and a portion of each round of fiat money printing also made its way into the cryptocurrency.

RELATED READING | ALTCOINS SOAR ALONGSIDE BITCOIN, CRYPTO MARKET CAP NEARS $1 TRILLION

Once FOMO kicked into high gear, the asset’s market cap has jumped from $200 billion in 2020 to over $700 billion. The total crypto market cap also hit a milestone of $1 trillion across all assets, including Bitcoin.

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The cryptocurrency's market cap has reached over $700 billion | Source: CRYPTOCAP-BTC on TradingView.com

Bitcoin alone is now worth more than most publicly traded companies, and trails right behind Tesla. One BTC can even buy a Tesla outright at this point. But comparing the cryptocurrency against publicly-traded company shares is a stretch.

Instead, the cryptocurrency should be compared to the fiat currencies of the world, representing some of the most powerful nations. Bitcoin is most directly opposed and in competition with these other currencies, and not shares of companies like Tesla or Apple.

In this comparison, Bitcoin’s massive and rapidly growing market cap now makes the cryptocurrency network the 16th largest currency in the world.

How The Cryptocurrency Stacks Up Against Other World Fiat Currencies

According to Fiat Market Cap, a spin on the popular cryptocurrency price aggregator Coin Market Cap, Bitcoin is now in 16th place in terms of overall world currencies.

The top-ranked crypto asset just overtook the Mexican peso in terms of overall value. Directly above it, lies the Russian ruble, the Swiss franc, and the Thai Bhat – which has a currency symbol that looks a lot like Bitcoin’s.

bitcoin fiat currencies

Bitcoin now ranks 16 on the list of top fiat currencies | Source: Fiat Market Cap

Above there is filled with mostly dollars: Australian, Taiwan, Hong Kong, Canadian, and United States. There’s also the euro, pound sterling, the rupee, lira, yen, and yuan.

RELATED READING | GOOGLE FINANCE NOW LISTS BITCOIN FIRST AHEAD OF TOP FOREX CURRENCIES

Currently, the Chinese yuan is the largest currency with the most value spread across the globe, even despite the US dollar acting as the global reserve currency.

What Bitcoin offers the world that these other fiat currencies do not and never will, is freedom from the nation that is attached to each currency. A non-sovereign currency would benefit all, not one signal country. And given Bitcoin’s suddenly sharp trajectory, it could be only a matter of time before it tops this list.

Featured image from Deposit Photos, Charts from TradingView.com
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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