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Author Topic: Bitcoin is Already More Valuable Than Many National Currencies  (Read 381 times)
tyz
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November 05, 2017, 09:54:44 PM
 #1

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.


Source: https://twitter.com/lopp/status/926890349284376576/photo/1

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November 05, 2017, 10:15:43 PM
 #2

This is ridiculous, I wanna see you trying to get a sandwich/house with bitcoins in those countries.
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November 05, 2017, 10:17:07 PM
 #3

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.

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.


Source: https://twitter.com/lopp/status/926890349284376576/photo/1
Gaining ground. Do you have a link to the full list?
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November 05, 2017, 10:17:17 PM
 #4

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

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November 05, 2017, 10:26:20 PM
 #5

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.

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November 05, 2017, 10:47:08 PM
 #6

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

Try spending Singapore Dollars in the USA! 

You’re missing the point.

Okay. The old man told me to take any rug in the house.
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November 05, 2017, 10:55:30 PM
 #7

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. Smiley We wait for further developments.

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November 06, 2017, 01:25:17 AM
 #8

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. Smiley 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.
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November 06, 2017, 01:31:52 AM
 #9

This is ridiculous, I wanna see you trying to get a sandwich/house with bitcoins in those countries.
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...
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November 06, 2017, 01:40:32 PM
 #10

This is ridiculous, I wanna see you trying to get a sandwich/house with bitcoins in those countries.
Try spending Singapore Dollars in the USA! 
You’re missing the point.

This is ridiculous, I wanna see you trying to get a sandwich/house with bitcoins in those countries.
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.
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November 06, 2017, 01:54:15 PM
 #11

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.
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November 06, 2017, 02:09:00 PM
 #12


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

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  Grin
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November 06, 2017, 02:11:40 PM
 #13

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.

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November 06, 2017, 02:27:36 PM
 #14

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.
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November 06, 2017, 02:46:59 PM
 #15

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.


Source: https://twitter.com/lopp/status/926890349284376576/photo/1
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.

 
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November 06, 2017, 09:58:08 PM
 #16

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.

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...)
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November 06, 2017, 10:00:07 PM
 #17

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.
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November 06, 2017, 10:07:09 PM
 #18


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

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  Grin
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.
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November 06, 2017, 10:11:05 PM
 #19

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.


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BTCMILLIONAIRE
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November 06, 2017, 10:12:05 PM
Last edit: November 12, 2017, 08:47:41 PM by BTCMILLIONAIRE
 #20

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.
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