The year 2017 has resulted in massive financial growth for all cryptocurrencies in existence today. Bitcoin is the one currency most people pay attention to these days, for obvious reasons. The world’s leading cryptocurrency has reached another amazing milestone. It is now the 26th largest money supply in the world based on total value. Rest assured there will be some more progress in the years to come.
Bitcoin has made a lot of other financial tools look bad in recent years. The world’s leading cryptocurrency outperforms most assets, stocks, and even precious metals every year. Moreover, the value of all BTC combined is quickly surpassing the stock of narrow money found in most countries. Right now, all Bitcoins in circulation are worth more than Poland’s stock of narrow money. This makes Bitcoin the world’s 23rd largest money supply. An interesting milestone, even though it still doesn’t mean much.
Bitcoin Versus Narrow Money
More specifically, the stock of narrow money is the tool quantity of currency in circulation. This number also includes demand deposits denominated in the national currency. It is a valuable overview of which countries are “doing well” and which are not doing all that great. Although these statistics were last updated a year ago or slightly more, it is an intriguing metric. Bitcoin has surpassed quite a few countries this year alone, to say the very least.
While Poland is not the biggest country in the world, it is still a big milestone for Bitcoin. In fact, there are only 25 countries remaining whose stock of narrow money is larger than Bitcoin’s market cap. It is remarkable how far this cryptocurrency has come in recent months. The next countries on the list are Russia, Belgium. Assuming Bitcoin’s total value will surpass $200bn, these countries will fall behind relatively quickly. Whether or not this will spark more interest in the world’s leading cryptocurrency, remains to be seen, though.
Comparing Bitcoin to money supplies in the world makes very little sense. It is as pointless as comparing the BTC price to the value of gold. Comparing apples and oranges serves no purpose whatsoever. Bitcoin is unlike anything that we have seen in the financial sector to date. Nor will it be rivaled by anything similar either. The value of all BTC in circulation is growing up spectacularly every year. However, there is still no global adoption of this cryptocurrency to speak of. It will take a lot more than comparisons like these to make a meaningful change. That said, it is still pretty cool to see.
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