Recently, the total bitcoin in circulation clocked 85%, meaning out of the 21 million fixed supply, only 3.15 million new coins are yet to be mined for the next 120 years (in 2140). Consequently, bitcoin will do what it does best: be a valuable scarce commodity.
Onto other good news, the king cryptocurrency has grown to be the 11th largest monetary system in the world. The bitcoin network has demonstrated an impressive growth rate with regards to market cap and user base, surpassing most fiat currencies of some countries in Europe, Central America, and Africa. In a nutshell, bitcoin has overshadowed the Brazilian real, the Mexican peso and South Korea’s won.
Bitcoin’s Unparalleled Selling Point: Decentralization
Today, a trader and twitter user by the name Rhythm Trader noted that bitcoin is now the 11th largest monetary system and many people have adopted it regardless of the lack of a centralized governing body or PR to boost mainstream adoption. He stated:
“Bitcoin is now the 11th largest money in the world, and it obtained this with only a nine-page paper created anonymously fueled by a grassroots movement.
Millions of people have chosen a bank with no CEO, office, or marketing department and it should absolutely blow your mind.”
Could Bitcoin’s Market Cap Outstrip Gold’s In The Future? These Two Bulls Believe So
Presently, gold is the largest global monetary system with a market cap of over $8 trillion while silver comes at the 6th position with close to $0.8 trillion. Nevertheless, when these two precious metals are taken out of the equation, bitcoin emerges as the 9th largest monetary system with a market cap of $210 billion.
Earlier in March this year, the founder of Galaxy Digital Mike Novogratz proposed that bitcoin’s market capitalization would easily transcend gold’s market capitalization in a matter of 20 years.
Novogratz prognostication echoes the views articulated by the Co-founder and CEO of Block.one, Brendan Blumer who said:
“Over the next two decades, #Bitcoin will replace #gold as the leading commodity to store value.”
Ranked Among United States Largest Companies By Market Cap, Bitcoin Clinches The 27th Position
iWeblists ranked 50 of the largest companies in the US according to their stock market capitalization on a list dated July 31, 2019. With its current $210 market cap, bitcoin emerges at the 27th position.
The top five companies are tech behemoths with their market caps ranging from $562M to over $1 trillion like Microsoft Corp, Apple Inc., Amazon, Alphabet Inc., and Facebook. Notably, bitcoin’s market capitalization has surpassed that of large US companies like Netflix, Starbucks, Nike, McDonald’s and PayPal.
The undeniable truth is, bitcoin may not be capable of surpassing the user base of reserve currencies yet but these metrics paint a clear picture of how far bitcoin has come as a go-to currency. Otherwise, in the next coming days, bitcoin will continue gaining traction and achieve more impressive milestones.
