Almost 15 years ago, the first Bitcoin (BTC) block was mined by Satoshi Nakamoto. Bitcoin was born. Back then, Bitcoin was still an obscure internet phenomenon, but the flagship of the crypto industry has now developed into a financial powerhouse. Even compared to international currencies, Bitcoin can hold its own.
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Bitcoin leaves international currencies in the dust
Bitcoin’s market capitalization is commonly compared to that of gold. After all, Bitcoin is viewed by many as digital gold. But it is also interesting to see how Bitcoin compares to international currencies such as the US dollar and the euro.
#Bitcoin is the 14th largest currency in the world. pic.twitter.com/PvKqvYAtjx
— Bold – the ₿itcoin credit card (@BoldBitcoin) December 20, 2023
First, Bitcoin’s market cap is $835 billion at the time of writing. At the beginning of this year, the market capitalization was “only” $315 billion. So Bitcoin has done very good business this year. However, if you look at the major international currencies, the dollar and the euro, the gap is still very large.
The dollar’s market capitalization is over $18 trillion. The value of the euro is over 11 trillion US dollars. But which international currencies is Bitcoin comparable to in size? The South Korean won comes closest. With a market capitalization of $903 billion, the South Korean won is just above Bitcoin. This theoretically puts Bitcoin in 13th place on the list of the largest international currencies.
The currencies that their superiors must allow into Bitcoin include the Swiss franc ($749 billion), the Indian rupee ($680 billion), and the Russian ruble ($518 billion).
How much can Bitcoin be worth?
While the dollar and euro seem light years away from Bitcoin’s current market cap, BTC has come a long way in the last decade. Ten years ago, no one would have dreamed that Bitcoin’s value would be compared to major international currencies and assets such as gold.
According to some, Bitcoin is a better and more efficient version of gold. The yellow metal currently has a market cap of $13.877 trillion. So, based on the current price, Bitcoin would have to rise to a value of more than $700,000 to reach the market cap of gold. To reach the dollar’s market cap, BTC would need to reach a value of around $925,000 per BTC.
As mentioned above, ten years ago no one could have imagined where Bitcoin would be today. Who knows where BTC will be in ten years.
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