As it turns out, the smallest denomination of Bitcoin is already worth more than quite a lot of national currencies. This comes at times when Bitcoin is approximately 40% beneath its all-time high (ATH) value.
1 Satoshi Is Worth More Than These Fiat Currencies
The debate regarding Bitcoin’s intrinsic value is one that’s been going on for quite a while. Regardless of which side you choose to ride along with, popular cryptocurrency trader Rhythm has brought up a rather interesting comparison.
At the time of this writing, 0.00000001 BTC is worth more than:
- 1 Iranian Rial
- 1 Vietnamese Dong
- 1 Indonesian Rupiah
- 1 Guinean Franc
- 1 Sierra Leonean Leone
- 1 Laotian Kip
- 1 Uzbekistani Som
The last few days have been nothing but interesting for Bitcoin. The cryptocurrency jumped from $9,800 to around $14,000, only to drop violently again to about $10,800. However, since the correction, Bitcoin is seemingly recovering, marking 2% gains over the past 24 hours. The cryptocurrency now trades at around $12,000 and holds a market cap of around $215 billion.
Bitcoin’s Bigger Than Canada’s Base Money
In this line of comparison, another interesting chart was recently brought up pinning the monetary bases of different countries throughout the world.
Global Base Money UPDATE: @$8,940, #bitcoin is larger than South Korea’s monetary base (2019 Q1 won value). This means Bitcoin’s monetary system is now the *9th* largest currency in the world, #11 if you count gold & silver. Full update will follow in CV 2019 Q2 update. pic.twitter.com/uOurAwuTzm
— Crypto Voices (@crypto_voices) June 18, 2019
As it turns out, the countries with the biggest monetary bases are Japan, China, Europe Nations, the United States, the United Kingdom, Switzerland, India, and Russia. This is where Bitcoin steps into the picture with its current $215 billion market cap.
This makes Bitcoin bigger than the monetary bases of countries such as Canada, Brazil, Australia, Mexico, Sweden, and so forth.
In this line of thoughts, however, it’s important to note that a country’s monetary base is measured in terms of the overall amount of currency in circulation or which is held in commercial deposits in its central bank. This excludes the country’s gold reserves.
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