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The world’s largest and most liquid cryptocurrency, Bitcoin (BTC), continues to grow rapidly. This growth can be clearly seen from many metrics, and according to the credit card company Bold, the crypto king managed to enter the list of the world’s top 20 currencies in November. Currently, Bitcoin is the only cryptocurrency shining among the dominant central bank currencies that make up the world’s top 20 currencies.
Bitcoin Takes the 13th Spot Among Global Currencies
Data from CEIC and the crypto data and price platform Coingecko as of November 19, 2023, shows that Bitcoin’s market value was $732.5 billion, confirming the ranking shared by Bold. This market value at the time placed Bitcoin in the 15th position among the dominant central bank currencies. A closer look at the list reveals that right ahead of the crypto king is the Swiss franc with a money supply (M1) worth $749 billion, and right behind it is the Indian rupee with an M1 of $693.1 billion.
However, Bitcoin’s price continued to rise in December with the expectation of a spot Bitcoin ETF approval, surpassing the Swiss franc and currently holding the 13th place on the list with a market value of $835 billion. Right ahead of it is South Korea with a market value of $904 billion.
Famous cryptocurrency investor Anthony Pompliano recently stated on CNBC’s Squawk Box that for Bitcoin’s price to reach $500,000, it would only need to catch up to the market value of gold, suggesting that the crypto king still has a long way to go. Bitcoin currently has a market value that is more than half of the total market value of silver.
Are Cryptocurrencies a Currency?
The American Association for the Advancement of Science, in a research article dated December 22, 2023, in the Science magazine, posed the question “Are cryptocurrencies currencies?” and stated that the answer is not yet clear, noting “The introduction of cryptocurrencies is perhaps the most significant development in the monetary economy in the last decade. However, the defining role of a currency is to serve as a medium of exchange, and cryptocurrencies have not yet been widely adopted for this purpose.”
In the 10th article titled “Bitcoin and Global Hegemony” published in the Geopolitical Monitor on November 10, 2023, it was emphasized that Bitcoin has the potential to become a major reserve currency. The article stated, “The introduction of stateless cryptocurrencies like BTC represents a potential driving force for the renewal of the global monetary order or at least for an increasing diversification.”
Coinbase CEO Brian Armstrong touched on this subject earlier this month, stating that Bitcoin is not a threat to the US dollar, but instead could be the key to expanding Western civilization and protecting the US and its allies from dollarization.
