Bitcoin Ranks Globally For Its Value In Circulation

In News

Is Bitcoin really making a history?

We all know how humble Bitcoin has started in the industry. From being ignored, underestimated, and bullied to being appreciated, acknowledged, and now valued— Bitcoin has truly come a long way. After years of being doubted, the crypto is now getting all the attention that cryptocurrencies deserve to get.

Bitcoin is currently leading all cryptocurrencies all over the world. It is the most acknowledged cryptocurrency from almost all of the countries in the world. Even businesspeople, investors, CEOs, are now getting into the crypto madness.

But will this madness give us a huge surprise soon?

Jameson Lopp, the lead developer at BitGo, a Blockchain security company, has calculated that Bitcoin would rank 32nd globally for its value in circulation. He created a clone money supply aggregator M1 Index, similar to This puts it ahead of Singapore and South Africa, and just behind Finland and the UAE.

By creating a clone of the global M1 index, a metric for the money supply of a country which includes physical money — both paper and coin — as well as checking accounts, are valued, Lopp calculated that Bitcoin would finish pretty high up.

Valuing the narrow money

In the index, narrow money is used as a metric to determine the value of a currency. The narrow money of a country essentially is every piece of existing currency, taking into account all paper money, as well as coins, and even digital money stored in bank accounts. Liquid assets held by the central bank are also considered.

Using this metric, and the value of Bitcoin in circulation, Lopp comes up with a figure of $122,406,125,890 for Bitcoin – its market cap at the time of calculating. However, with its fluctuations, Bitcoin has reached as high as $125 bln in the last three days alone, which would put it in 31st – above Finland.

Bursting growth

Bitcoin continues to skyrocket with it’s high recently hitting $7,500. This has seen its overall market cap also skyrocket, as well as dominate the cryptocurrency market with over 60 percent domination.

Bitcoin price and its market cap are key determining factors in its overall value, but it is metrics like Lopp’s that start to put into power just how influential and powerful the digital currency is.

Further adoption

Because Bitcoin crosses the boundary between currency and asset, it is difficult to pigeonhole it. However, it’s two categories are helping across different lines.

Recently, a decision by CME Group, the world’s largest exchange owner, to introduce Bitcoin futures by the end of the year, helped Bitcoin’s value soar as more traditional investors spotted an opportunity.

However, its liquid nature allows it also to be considered a currency and thus is comparable to other countries and their money.

Magical trillion mark

There are predictions that the cryptocurrency market could cross $1 tln in 2018, and because of the dominance of Bitcoin, a lot of that push will be from the original cryptocurrency.

Additionally, many believe that Bitcoin rapid market cap growth is impressive, going from under $20 bln on Jan. 1 all the way to $201 bln on Nov. 5, but only once $1 tln is reached will it be a major player.

A $1 tln market cap for Bitcoin would rank it comfortably in 8th, ahead of Spain, and just under Italy, the lowest ranked country with $1 tln in narrow money.

via Cointelegraph

You may also read!

Giant Companies

Increasing Competition In Telecom And Cable Industries Threaten Giant Companies

Major players in the telecom and cable industries are worried about the rising competition contributed by smaller competitors. It

Freedom of Speech

African Government Blocks Freedom of Speech and Net Neutrality

Is the African government blocking their citizens’ freedom of speech and the right to enjoy net neutrality? Having the

Blockchain Technology

Big Bank Chooses The Power Of Blockchain Technology

Martin Schroeter, Senior Vice President of IBM Global Markets, mentioned in an interview how their blockchain business is being


Leave a reply:

Your email address will not be published.

Mobile Sliding Menu