Bitcoin has seen exponential growth over the last decade since it was launched in January 2009. It’s just achieved another landmark as it now becomes world’s eleventh biggest money supply – larger than the currencies that belong to some of the most powerful nations.
Boasting a market capitalization just above $200 billion, Bitcoin has become a major money supply which is even bigger than that of Australia, South Korea, Brazil, and Canada. The stats show that soon it will be among the top 10 as it’s likely to outpace the likes of India and Russia.
A crypto trader who goes by the Twitter handle “Rhythm Trader” mentioned that Bitcoin has now turned into the eleventh biggest currency of the world.
“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.”
Without any doubt, gold is the most popular “store of value” in the world having more than $8 trillion capitalization. By comparison, Bitcoin is just a small fraction of that so there’s a lot of room for growth.
Earlier in March, the founder and CEO of Galaxy Digital Mike Novogratz pointed out that the market cap of Bitcoin might actually go beyond that of gold during the next couple of decades. While it may appear to be a tall order right now, it will potentially put BTC’s theoretical price at $350k.
Bitcoin can also be compared to the biggest companies of the world with regards to market capitalization. As of July 2019, Bitcoin ranks 27th right now with a market cap of $207 billion.
The tech giants are on top of the list and, interestingly, many of them didn’t even exist just two decades back. Microsoft, Apple, Alphabet (the restructured Google and its subsidiaries), and Facebook are the top 5 boasting market caps in the range of $560 billion to more than a trillion USD.
Bitcoin falls just below Merck & Co. – the American pharmaceutical company. When it comes to market cap, BTC is bigger than Boeing, Comcast, Pepsi, Oracle, Citigroup, Netflix, Nike, and McDonalds.