Market cap of bitcoin compared to broad money (M2 money supply) of countries: bitcoin is now a larger force in market than fiat money of Cuba, Cyprus, Oman, or Bahrain.

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By November 23, 2016, the market capitalization of bitcoins in circulation was $11,908,463,816 (nearly 12 billion dollars), and the 24-hour transaction volume was equivalent to $224.9 M as per https://coinmarketcap.com/

Measured in terms of (M2) money supply, that meant that the total market cap of bitcoins was at that time actually a more significant force in the market than was the total money supply of Estonia, Costa Rica, or Iceland at that time, as examples.

Just seventeen days ago, the bitcoin market cap was at $33,971,006,369 (nearly 34 billion dollars), which was a larger force in the market at that time than the total money supply of Kuwait or Peru.

In other words: Just shy of twenty days ago, bitcoin became bigger than Kuwait's money supply and in terms of market cap, was nearly in the top 50 as compared to countries' money supplies. I predicted at that time that bitcoin would soon be a more powerful market force than the money of Colombia or Israel.

As of the date of this post (June 7, 2017), when comparing the market cap of bitcoin ($44,090,135,378 USD, over 44 billion dollars) to broad money (M2 money supply) of countries, it is clear that bitcoin is now a larger force in market than fiat money of Cuba, Cyprus, Oman, or Bahrain. bitcoin is now poised to overtake Jordan by this same comparison (Jordan is currently number 69 in terms of country rankings by stock of (M2) broad money), and bitcoin will soon (by this same comparison) be "in the top 50." A non-state system directly is outcompeting most state currency systems (even in light of the current capacity issue). bitcoin (which is not money…) is displacing (in terms of influence) many monetary systems.

edit: In case you are wondering, because I was, Saudi Arabia is number 23 in the ranking system mentioned above. Its monetary system, too, will be knocked out of contention by bitcoin, most likely by sometime in late 2018 or early 2019.

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247 Bitcoin

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