Bitcoin Forum

BitGo lead engineer Jameson Lopp created a clone of the global M1 index, a metric used evaluate the money supply of a country, to observe bitcoin’s ranking amongst some of the world’s most widely used and accepted currencies like the US dollar and Japanese yen.

According to Lopp and the clone of the global M1 index he has created, bitcoin is currently ranked 32nd most valuable currency globally, with a market valuation of over $122 billion. The market cap of bitcoin is larger than many of the national currencies like the Singaporean dollar, Malaysian ringgit, Thai Baht, and Brazilian real.

https://pbs.twimg.com/media/DNz5VOeU8AARLAd.jpg
Source: https://twitter.com/lopp/status/926890349284376576/photo/1

This is ridiculous, I wanna see you trying to get a sandwich/house with bitcoins in those countries.

A sandwich would be pretty easy in some of them. A house probably not.

Gaining ground. Do you have a link to the full list?

The satoshi is more valuable than the venezuelan bolivar, this is just the beginning

https://steemit.com/bitcoin/@onmars/venezuelan-bolivar-worth-less-than-satoshi

And this is pretty old, now a satoshi is almost worth two venezuela's bolivar, and there is nothing new with that, their fiat money is diying, i dont understand why they are still using their money because it has no value, it has a lot of inflation and the people from there are so hungry because their salary is not even ten dollars a month. The only rich people are those who are on the government.. and it happen in a lot of poor countries from the third world.

Try spending Singapore Dollars in the USA! 

You’re missing the point.

Extraordinary. Bitcoin plays beautifully. With more and more Bitcoin Holders every day. Obviously this is an economic law that usually happens to a good or product. And Cap is so still nothing. :) We wait for further developments.

Exactly, but it's sure going to be better because it keeps evolving everyday and as the number of holders is on the ascendancy i bet bitcoin will definitely triumph over many more national currencies in the near future.

You don't need to have a highly valued currency or a large money supply for something like Bitcoin to be easy to use, but in most countries you would be hard-pressed to find a house that anyone is selling for Bitcoin, although you could probably always find someone willing to sell it for Bitcoin depending on how desperate they are to get it out of their hands.

Sandwiches are easy, most countries have at least a few stores accepting Bitcoin and they often have a lot more for sale than just sandwiches. But I've seen a few in my city, even without exploring, just on a street corner or whatever. The prices aren't bad most of the time...

Good luck with your cheap sandwiches in Zimbabwe (1BTC=12,000USD).

I'm not missing the point, this is just a first world math game. It's like extrapolating the value of smarthphones to places without wifi.

Well this news are not really suprising. Bitcoin has been used by many people by many different countries, just by this factual statement we can say bitcoin will be joinin up the top currencies in the world.

As from its growth, I started to be involved in bitcoin about 4 months ago and from $3000 it is now $6000. You can expect this trend because bitcoin is used worldwide, like Dollars and other currencies, also their individual economic growth performance did a great factor to the huge rise of their values.

Full list is here: http://lopp.net/m1/rank.html It seems that Bitcoin was additionally added since it's missing on the original list. Waiting to see it in top 5  ;D

I'd rather Bitcoin's market cap be compared to the most valuable mega corporations in the world.  On top of my head, I think Apple is at 800b USD...?  If Bitcoin were to reach that level, them it's quite possible it would be reaching 1t USD.  That's quite a feat for an open source project that started in someone's basement.

It's crazy to think that a project started by one person is more valuable than the total money supply of the United Kingdom.
I didn't know that was possible in such a small time,  9 years to reach a value like this is insane.
Congratulations to Sathosi, it must feel great for him to see the outcome of his project.

According to the chart provided by OP, i am very certain that bitcoin is already valuable than the local currency in my country at the moment. And it will continue to grow and waiting for it to surpass the US currency.

It's nice to see this. However, I'm still a bit sceptical about the sunny and shiny future, or that this shiny future will be easy to reach... Forks are coming and that could lead to problems (temporarily) and any government could decide in any minute that they ban bitcoin (which will not kill bitcoin but make it's life harder than expected...)

it's a pointless comparison. the figures of these countries are real amounts of money. only a moron believes you could extract 100 billion dollars or more from the bitcoin market. you'd only ever get a fraction of that.

i hate market cap as a measurement and i wish it would go away and die. it helps no one and nothing.

Top 5 on this older data seems like it might actually be possible some years down the road. Keep in mind that this is only M1 though.

Bitcoin's actual price is above 7000$, there is no national fiat currency even near to this price. Even gold is a lot less than this price actually. So Bitcoin nowadays is one from the most valuable currencies and assets worldwide.

Bitcoin has a very limited quantity. You can't compare prices directly the way you do.

 I believe it is this limit in quantity that has shot it up that high in value because it's always in demand and due to its limited supply on the market it is always growing in value and other currencies that it is being compared to don't have such limited supply.

The limited quantity of bitcoin is definitely a factor in the growing demand and it is good to see that bitcoin has crossed over 120 billion dollars and it is ranked thirty two in the world index which is really great considering the fact that it is less than ten years old and the major push started less than five years back.

The price has dipped below $7000 according to the market price on http://preev.com/ hope we our bitcoin recovers in no time...and i believe OP meant market cap in this comparison  ::)

I wouldn't agree more :D

Yes. Bitcoin is one of the most traded currency in the world today. It's worth more than most currencies of nations today. More than 16m in circulation for more than $6000 per one. It's really massive and its turning the business world around because every business wants to have their business around blockchain now.