Bitcoin Is 6th Largest Currency In The World By Circulation
Bitcoin is now the sixth most circulated currency in the world, behind five super powers, and outranking the Pound, the Ruble, and the Won, according to the Bank for International Settlements. The figure is based on a value of Bitcoin at $10,765 each, meaning that the total value of all Bitcoins in circulation is $180 bln.
While the number is substantial, should Bitcoin rise to $15,000, it will overtake the next highest circulating currency, the Rupee. The other four currencies outranking Bitcoin are the Yen, Yuan, Euro, and Dollar, all of which have dramatically greater levels of currency in circulation (the Dollar, for example, stands at $1.4 tln).
Not to be outdone
Other cryptocurrencies are also following suit, with Ethereum ranked at #17, and Bitcoin Cash at #20. Ripple falls just outside the top 20. However, both BCH and XRP are still above both the Krona and Rand for total circulation.
These numbers are, of course, somewhat skewed, because the value of notes in circulation is not reflective of the total value of a currency. Nevertheless, the numbers reveal the substantial power of Bitcoin in terms of currency interactions.