Another winning day for bitcoin (BTC) saw the price of the largest cryptocurrency in terms of market capitalization pass the $1.1 trillion mark – $1.105 trillion to be exact.
This increase in market capitalization now means that the size of the bitcoin market has surpassed Canada’s M1 money supply of $1.104 trillion, according to CEIC.
Bitcoin’s market capitalization is also currently greater than the M1 money supply of the Australian dollar, which currently stands at $1.079 trillion.
For Australia and Canada, bitcoin’s market capitalization is again large enough to place bitcoin in the top 10 of the Tight Money rankings.
M1 or narrow money is the total amount of physical money in circulation plus travellers’ cheques and other forms of demand deposits held by non-banking institutions, public enterprises, private sector organizations, etc.
The rise of bitcoin in the top 10 global M1 money stock charts is another indicator of the growth rate of BTC as a currency. As recently as November 2017, bitcoin only ranked 32nd in terms of scarce money supply.
The market capitalization of BTC exceeds the M1 money supply of Australia and Canada. This means that the value of each US dollar bitcoin created so far is enough to replace the money currently in circulation in both countries with a few satoshi.
Spain and Italy are the only two countries on Bitcoin whose M1 money supply is below the $2 trillion mark.
With a current bitcoin total of about 18.67 million BTC, the asset price needs to reach $90,600 to pass Spain and Italy on the M1 money stock list.
Bitcoin is currently trading above $59,000, while PayPal recently announced the launch of support for crypto payments for US customers. The largest cryptocurrency in terms of market capitalization is up more than 100%.
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