According to a chart released by Crypto Voices, Bitcoin (BTC) is now the 8th largest currency in the world in terms of monetary valuation. This shows that the digital currency continues to expand and increase in value. However, it remains far from gold, the Japanese Yen or The US Dollar.
Bitcoin Continues Expanding
As the price of the most popular virtual currency continues growing, the digital asset escalates positions among the largest currencies around the world. According to Crypto Voices, Bitcoin is the 8th largest currency in the world alongside the Russian ruble.
The chart takes into account the total amount of currency in circulation or held in commercial deposits in the central bank. Thus, this does not take into account the gold reserves that countries have. The top three includes gold at $7.7 trillion, Japan with $4.6 trillion and China with $4.5 trillion. The United States is in the fifth position in behind the Eurozone with $3.4 trillion.
Bitcoin is currently valued at around $168 billion in terms of market capitalization. However, the digital currency could keep growing in the future and reach much higher values. Indeed, if Bitcoin surpasses $40,000 as many predict, the market value will be over $680 billion. If that happens, Bitcoin would be as large as the United Kingdom and Switzerland, which is massive considering the digital currency is decentralized and there is no central authority controlling it.
At the moment, Bitcoin is bigger than the base money of other countries, including South Korea, Brazil, Canada or Norway. With crypto adoption around the world on the rise, this is expected to keep growing even further.
Global Base Money UPDATE: @$8,940, #bitcoin is larger than South Korea's monetary base (2019 Q1 won value). This means Bitcoin's monetary system is now the *9th* largest currency in the world, #11 if you count gold & silver. Full update will follow in CV 2019 Q2 update. pic.twitter.com/uOurAwuTzm
— Matthew Mezinskis (@1basemoney) June 18, 2019
At the time of writing this article, Bitcoin is the largest digital currency in the market. The digital currency has a price of $9460 and a market capitalization of $168 billion. In the last 24 hours, Bitcoin grew 3.5% as reported by CoinMarketCap. Â
Thomas Lee, the co-founder of Fundstrat Global Advisors, said that Bitcoin could soon surpass $10,000 and move towards $40,000.
During a conversation with Wei Zhou, the CFO of the crypto exchange Binance, Lee commented:
“I think FOMO really gets triggered once Bitcoin hits $10,000, so going form $10,000 to $20,000 is gonna be fast and furious. If Bitcoin somehow manages to get to $10,000, it is very likely it will make a run to $40,000 within five months.”
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