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.
While the number is substantial, should Bitcoin rise to $15,000, it will overtake the next highest circulating currency, the Rupee. The other four currencies outranking Bitcoin are the Yen, Yuan, Euro, and Dollar, all of which have dramatically greater levels of currency in circulation (the Dollar, for example, stands at $1.4 tln).
Not to be outdone
Other cryptocurrencies are also following suit, with Ethereum ranked at #17, and Bitcoin Cash at #20. Ripple falls just outside the top 20. However, both BCH and XRP are still above both the Krona and Rand for total circulation.
These numbers are, of course, somewhat skewed, because the value of notes in circulation is not reflective of the total value of a currency. Nevertheless, the numbers reveal the substantial power of Bitcoin in terms of currency interactions.
Bitcoin Now Worth More Than All UK Pound Banknotes & Coins In Circulation
The chart above shows the value of various world currencies based the value of notes and coins in circulation.
At Bitcoin’s current price of $10,765, the total value of all Bitcoins now stands at $180 billion. This makes it the world’s 6th most valuable currency, with a greater value than all UK Pound Sterling notes and coins in circulation.
Here are some other interesting findings:
- The current value of all Bitcoins ($180 billion) is greater than the value of all banknotes and coin of most other countries/currencies including the UK ($103 billion), Canada ($59 billion) or Australia ($55 billion).
- Currently 54% of the world’s population live in countries with currencies in circulation worth less than the value of Bitcoin.
- If the price of Bitcoin rises to $15,000 it will overtake the value of all Indian Rupee banknotes and coins in circulation to become the 5th most valuable currency. Which given it’s recent growth rate it could do within the next month.
- However, Bitcoin’s price needs to increase to a staggering $72,300 to overtake the Euro and become the 2nd most value currency.
- And to beat the US Dollar, in terms of circulation value, it would need to increase in price to at least $85,160.
- Bitcoin is the only Cryptocurrency in the top 10 currencies worldwide, but both Ethereum and Bitcoin Cash are in the top 20.
- At a price of $458.82 the total market cap of Ethereum stands at $44 billion, making it the 17th most valuable currency, worth more than the value of all banknotes and coins in circulation of countries such as Turkey ($36 billion) and Singapore ($27 billion).
- Bitcoin Cash’s current price of $1,425.21 gives it a market cap of $24 billion, making it the 20th most valuable currency, worth more than all Swedish Krona ($9 billion) or South African rand ($6 billion) banknotes and coins.
- Ripple just misses the Top 20 with a value of $10 billion, but still puts it ahead of Krona or Rand.
The 11-20 Most Value Currencies By Circulation
Map of The 5 Currencies Worth More Than Bitcoin
Notes about the data: The data for current cryptocurrency prices and total market cap come from Coinmarketcap.com.
The data for the value of various currencies in circulation comes from the Bank for International Settlements’ Statistics on payment, clearing and settlement systems in the CPMI countries report, published in September 2016. The data is from 2015, so may no longer be 100% correct today. The value for China is an estimate only, and comes from Wikipedia.
It should also be noted that the value of banknotes and coins in circulation is only a small fraction of the total value of a currency. Depending on the country this can the same as the M0 Money Supply.
However, if you look at the much broader M2 money supply (M0 + plus all of the money held in checking accounts and other checkable accounts, as well as all of the money in travelers’ checks, all of the money held in money market funds, savings accounts and CDs under $100,000) in the US, then was $10.5 trillion in June 2013 according to the Federal Reserve. This is around 7.5X more than the simple value of banknotes and coins.
Notes about the visualisation: Map crated using Mapchart.net and graphs crated using Excel.
|Rank||Currency Name||Value of Banknotes and Coins in Circulation (Billion USD)|
|10||South Korean Won||$74|
|16||Hong Kong Dollar||$48|
|23||South African Rand||$6|