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Bitcoin (BTC) can be used as a medium of exchange, a store of value, or even as a calculation system. It is possible to calculate the cost of an iPhone 15 by pricing it in BTC.
Pricing According to Bitcoin
Interestingly, institutions and organizations that provide cryptocurrency services already use Bitcoin as an accounting unit to price other assets.
In this context, CoinMarketCap priced the market values of some major fiat currencies in BTC. The values of these currencies were then compared to the market value of Bitcoin.
Especially when considering the top 20 fiat currencies, Bitcoin remained at a higher point in terms of market value with a circulating supply of 19.51 million BTC. Vietnam Dong, which was included in the list last, came closest to Bitcoin with a market value of 20,875,201 BTC. The top 20 list is as follows:
- Chinese Yuan (CNY)
- US Dollar (USD)
- Euro (EUR)
- Japanese Yen (JPY)
- British Pound (GBP)
- South Korean Won (KRW)
- Indian Rupee (INR)
- Canadian Dollar (CAD)
- Hong Kong Dollar (HKD)
- Brazilian Real (BRL)
- New Taiwan Dollar (TWD)
- Australian Dollar (AUD)
- Swiss Franc (CHF)
- Russian Ruble (RUB)
- Mexican Peso (MXN)
- Saudi Riyal (SAR)
- Thai Baht (THB)
- United Arab Emirates Dirham (AED)
- Singapore Dollar (SGD)
- Vietnamese Dong (VND)
Bitcoin, CNY, and USD Market Value
Currently, Chinese Yuan (CNY) is leading the market. It is priced at 497 sats and has a circulating supply of 286.93 trillion CNY. According to the calculation made with Chinese Yuan, it has a value higher than 1.42 billion BTC. In other words, it has a market size 72 times larger than Bitcoin.
Furthermore, the US Dollar (USD) is also ahead of Bitcoin with a market value equal to 1.26 billion BTC, which is 64 times higher than the current supply of Bitcoin.
In addition, the Euro (EUR), the currency of the European Union, has a market value close to 560 million BTC. The Japanese Yen (JPY) follows them with a slightly higher market value than 380 million BTC, and finally, the British Pound (GBP) ranks 5th with a market value of 155 million BTC in terms of size.
