Bitcoin held steady over the weekend and, as of March 4 and the time of this article’s publication, with a current value of $66.5K, it stands on the precipice of reaching its all-time U.S. dollar high of $68,991.
This brings Bitcoin’s total market value to $1.31 trillion, or about a billion dollars more than all the Swiss Francs in circulation. In fact, if Bitcoin were a fiat currency, it’d be the 13th largest in the world by market capitalization.
Bitcoin around the world
As of the time of this article’s publication, there are a reported 19,644,462 bitcoin in circulation. Bitcoin has a technical limit of 21 million total but, due to the way mining rewards are calculated, it is unlikely to ever become 100% mined.
It would be impossible to predict the price of BTC going forward, but if we take a snapshot of where it is today, as it hovers around its previous all-time-high, we can put the total global impact of bitcoin into perspective.
Related: Bitcoin passes new all-time high in euros as price reaches $65K
There was a time when 10,000 BTC would get you a couple of pizzas. Today, a single BTC would buy nearly 1,000 shares in Papa John’s, the fourth largest pizza chain by market value, and the restaurant Laszlo Hanyecz’s famous pizzas came from.
At current market value, a hodler with 10,000 BTC in their portfolio would have around $666.4 million and, technically, more global purchasing power than 97 existing countries.
This means there are only 12 fiat currencies with enough circulation to buy all the Bitcoin currency available.
China’s yuan leads the world with a market cap of 620,521,346 BTC and is closely followed by the U.S. dollar which has a circulation supply worth 597,177,334 BTC.
Things drop off quickly after that with the euro’s total market cap only worth about 242 million bitcoins. By the time you get to the number 12 spot on the list, just ahead of Bitcoin’s own market cap, you have the New Taiwan Dollar, which has a total circulation worth a little more than 29 million bitcoin.
Bitcoin market cap vs fiat
For perspective, there are approximately 2.7 trillion Icelandic Krona in circulation today. That’s just enough to buy about 80% of the existing supply of DogeCoin in the world. If the country of Iceland wanted to pool all of its Krona into Bitcoin, on the other hand, it could only lock down about 1.5% of the current total supply.
Taking things a step further, if bitcoin were to hit $100K per coin, based on current rankings, it would likely wind up somewhere between 7th and 8th on the list of most valuable fiat currencies by market cap. This would put it between the Indian rupee and the Canadian dollar.
At a million dollars a coin, Bitcoin would have a market cap of somewhere slightly below $21 trillion. At this hypothetical threshold, BTC would have a larger cap than any other fiat currency save the Yuan and the U.S. dollar.
