Bitcoin and since its inception a little over a decade ago, has seen a rise in price from almost nothing, and is currently worth almost $10,800.

The market capitalization of Bitcoin – defined as the circulating supply multiplied by the value of each unit – has risen to more than $200 billion, making Bitcoin not only the largest cryptocurrency ever to exist, but also larger than many traditional fiat currencies.

Although bitcoin and fiat currencies are not completely equivalent in terms of how the value in circulation is calculated, we can roughly estimate the place of bitcoin in the global currency rankings by comparing the market value of bitcoin to the M0 money supply of fiat currencies.

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The ‘M0’ criterion represents the total value of all banknotes, coins, and other alternatives of money that can be readily converted into cash.

The value of “M0” is also known as “tight money”.

Where Bitcoin fits into the global cryptocurrency rankings.

The United States dollar (USD) is currently the largest fiat currency by offer.

According For the US Federal Reserve, there is $1.95 trillion in notes, more than three-quarters of which are made up of $100 and $20 notes.

Next in order of the largest currencies, the Euro (EUR) is a relatively new currency that was first launched in 2002 and is now used in most parts of Europe and by most of the member states of the European Union.

Like the US Federal Reserve, the European Central Bank maintains an updated reference to the amount of euro banknotes and cash in circulation.

According to official statistics, there are approximately 1.38 trillion euros in circulation as of the last update (July 2020).

The euro has more than tripled since it was first launched, and most of the euro’s total value consists of between 20 euro and 50 euro notes.

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The Chinese yuan (CNY) is the third largest currency in the world.

According to TradingEconomics data, there are about 8 trillion Chinese yuan in circulation, worth $1.15 trillion.

The Japanese Yen (JPY) is in fourth place with 106 trillion notes and coins being traded as of July 2020.

The US dollar, the euro, the Chinese yuan and the Japanese yen are the only fiat currencies with a total capitalization of M0 i.e. over $1 trillion.

The fifth largest currency by circulating supply is the Indian Rupee (INR), which has over 31 trillion Indian rupees of banknotes currently in circulation, and currently has a market capitalization of around $425 billion.

The currency that is the focus of our article is Bitcoin, which ranks sixth as the largest currency in terms of circulating supply, surpassing the Russian ruble.

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There are currently about 18.48 million Bitcoins in circulation, each worth $10,800 at the time of writing this article.

This puts Bitcoin at a market capitalization of $200 billion, roughly half the size of the Indian rupee and just over a tenth of the US dollar.

With this market capitalization, Bitcoin has beaten more than 170 different fiat currencies.

When Bitcoin reached its peak earlier, it was the fifth largest currency in the world.

Will the day come when Bitcoin will be No. 1 at the level of fiat currencies, as it is now at the level of digital currencies?

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