Presently, Bitcoin is declared the world’s sixth largest currency in circulation, ranking behind five super powers, and outranking the Pound, the Ruble, and the Won in position according to the Bank for International Settlements. The ranking is based on the present value of each Bitcoin which stays presently at $10,765. Based on the total number of bitcoin in circulation, the total value of all Bitcoins in circulation stands at $180 billion.
While the number is substantial, if for any reason, the value of Bitcoin should rise to $15,000, it will move from being the sixth largest currency and would overtake Rupee, which is the next highest currency in circulation. The other four currencies outranking Bitcoin are the Yen, Yuan, Euro, and Dollar, all of which have dramatically greater levels of currency in circulation (for example the Dollar stands at $1.4 trillion).
Not to be outdone
Other cryptocurrencies are also following suit, with Ethereum ranking at the 17th position, and Bitcoin Cash at the 20th position. 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.
Read more on Bitcoin’s soaring price
What do you think about bitcoin being the Sixth Largest Currency? Do you expect Bitcoin to become the world’s first largest power? Tell us your comment