Topic: [2020-09-03] Bitcoin is now the 6th largest world currency (Read 209 times)
I am sure that it can enter the Top5. Give btc some more time.
yes, there is so many bitcoin users in the world so , that the bitcoin will come in top 5 in few years because one time the bitcoin prise rise to $24000 sothat i think it will be possible.
@Carlton Banks. I was not criticizing only because it is old news. I am criticizing us for celebrating this milestone without questioning if bitcoin's capitalization is legitimate. We have not attained mass adoption, it is mostly only hodled, however, it is the 6th largest currency?
to add to the criticism: don't be surprised if it reaches #1 in 2021, by this metric.
Everyone forgets that this is the only meaningful "like-for-like" metric to use: the M1 money supply (Bitcoin can only ever have the M0 and M1 components according to the "monetarist" classification brackets for money supply types, because it doesn't use credit-based expansion). If we included all the different extended money supply bracket (there are 6 brackets, designated M0-M5), Bitcoin would once again be the minnow (but monetarist purists can argue that it's not a like-for-like comparison, amongst other arguments)
still, I don't see why Bitcoin eclipsing it's competition in this way shouldn't be celebrated, but also perhaps I agree with bbc_reporter that celebrating the same milestone twice is not quite so exciting.
(maybe Bitcoin could also become more valuable than M2 or M3 component of smaller fiat currencies, I have no idea about the size of those figures, perhaps it already happened
)
Everyone forgets that this is the only meaningful "like-for-like" metric to use: the M1 money supply (Bitcoin can only ever have the M0 and M1 components according to the "monetarist" classification brackets for money supply types, because it doesn't use credit-based expansion). If we included all the different extended money supply bracket (there are 6 brackets, designated M0-M5), Bitcoin would once again be the minnow (but monetarist purists can argue that it's not a like-for-like comparison, amongst other arguments)
still, I don't see why Bitcoin eclipsing it's competition in this way shouldn't be celebrated, but also perhaps I agree with bbc_reporter that celebrating the same milestone twice is not quite so exciting.
(maybe Bitcoin could also become more valuable than M2 or M3 component of smaller fiat currencies, I have no idea about the size of those figures, perhaps it already happened
) 
@thirdkiller, I think that bitcoin value today will unsure to reach top 5 in global currencies, because as you can see the value of today's bitcoin is much lower than its price on these past 2 years, so i may guess BTC may fall under top 8 or less.
Soon it will be in the Top5, and then in the Top3. Be sure of this.
@Harlot. The criticism was not if bitcoin had real world uses or not, it is if bitcoin is used enough to account for its very high price. For that criticism, yes it is accounted for, if you include speculative investment as a real world use hehehe.
@Harlot. Also, this should concern us because if we use adoption as a measuring stick, it might imply that bitcoin's value should be very much lower than where it is presently.
Yeah that's why there are a lot of people especially critics using that against as believing that Bitcoin is practically useless as compared to their fiat counterparts because of it's acceptance. There are right on that one but I don't agree them about Bitcoin having no real world use, for one they always avoid to mention about crypto is still growing and yeah there is still no mass adoption going on. In order for them to say these kinds of statement for a still growing industry is a irrelevant argument for me.
@Harlot. Also, this should concern us because if we use adoption as a measuring stick, it might imply that bitcoin's value should be very much lower than where it is presently.
With what bbc.reporter have said I think it is important for some members here to realize that not all news we are seeing in crypto news media outlets actually has any meaning into it. Yeah what they said about Bitcoin being the “6th largest currency” is true due to it's supply and price but what does it actually mean to us users and hodlers? Does this prove anything about Bitcoin being more adopted or that people are actually using it more? Of course not price jumps happen and with the huge price we have compared to other fiat currencies it is just obvious that we will be 1 of the top 10 in the list.
...
In any case, mining pools are reported to be dumping. It might be falling to 7th and then 8th soon hehehe.
In any case, mining pools are reported to be dumping. It might be falling to 7th and then 8th soon hehehe.
Good catch on the 2017 article.
The positive is that the mining pools only have a limited supply to "dump", (and half as much new supply as a year ago) so at some point, that selling pressure will end. With demand steady or increasing, there is one logical direction.
All of the currencies listed would not collapse in value if someone offloaded 0.1-0.5% of the total supply for another one. Bitcoin would. Ergo this is a comparison that is meaningless and disingenuous at best.
Is the bitcoin news media always going to reuse this news everytime the price is on $10,500 - $11,000 hehehe. I remembered this old Cointelegraph article that I have read on 2017.
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
Source https://cointelegraph.com/news/bitcoin-is-6th-largest-currency-in-the-world-by-circulation
In any case, mining pools are reported to be dumping. It might be falling to 7th and then 8th soon hehehe.
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
Source https://cointelegraph.com/news/bitcoin-is-6th-largest-currency-in-the-world-by-circulation
In any case, mining pools are reported to be dumping. It might be falling to 7th and then 8th soon hehehe.
Bitcoin is now the 6th largest world currency
At its current market cap, Bitcoin has a money supply worth more than 170 different fiat currencies.
In brief
- After more than a decade of growth, Bitcoin now ranks among the ten largest world currencies.
- The USD, EUR, CNY, JPY, and INR are the only world currencies with a larger money supply than Bitcoin.
- Bitcoin currently occupies the position of sixth-largest world currency but reached as high as fifth place in 2017.
............
https://decrypt.co/39425/bitcoin-is-now-the-6th-largest-world-currency
At its current market cap, Bitcoin has a money supply worth more than 170 different fiat currencies.
In brief
- After more than a decade of growth, Bitcoin now ranks among the ten largest world currencies.
- The USD, EUR, CNY, JPY, and INR are the only world currencies with a larger money supply than Bitcoin.
- Bitcoin currently occupies the position of sixth-largest world currency but reached as high as fifth place in 2017.
............
https://decrypt.co/39425/bitcoin-is-now-the-6th-largest-world-currency
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