Bitcoin
Bitcoin$39 225.60

-2.76%

Ethereum
Ethereum$2 457.05

-5.14%

Tether
Tether$1.00

0.04%

Binance Coin
Binance Coin$354.89

-4.10%

Cardano
Cardano$1.52

-3.68%

Dogecoin
Dogecoin$0.311666

-3.83%

BTC market cap may pass Canada's monetary base


10 Nov 2020   #Bitcoin

As Bitcoin (BTC) blasted through the $14,000 level its market capitalization surpassed the monetary base of the Russian ruble. This measure includes both physical currency and bank reserves, both of which are usually held by a country’s central banks.

The above chart may seem complicated at first glance, but it simply compares gold, silver, Bitcoin, and the remaining global monetary bases. We can see that the U.S. has $4.9 trillion physical notes, coins, and bank deposits parked at the Federal Reserve. By dividing this number by the current 18.5 million outstanding BTC, we reach the $263K stated above.

In order for Bitcoin’s market capitalization to match the U.S. base money figure, the price would need to surpass $263,000. Although this might seem far-fetched, BTC has already eclipsed multiple sovereign currencies like the Brazilian real, the Swedish krona, and the South Korean won.

This move is no small feat for a cryptocurrency that is only 11 years old. According to Fernando Ulrich, the economist behind Crypto Voices, the top 30 base money competitors cover 95% of GDP. Aside from the Euro covering many countries, some of the top 113 peg their currencies to the U.S. dollar.

The ruble has fallen, as have many other sovereign currencies so now all eyes are on the Canadian dollar. As shown in the fiat base money supply chart, the Canadian dollar’s base money stands at $335 billion which is equivalent to an $18,000 Bitcoin price.

Source

#source

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.