Bitcoin (BTC), the most popular digital currency, has been named the sixth largest currency in the world, according to a new study.
BTC gets worldwide recognition
According to the report, the cryptocurrency king has surpassed the Russian ruble (RUB) to become the sixth – largest currency in the world, just a decade after it was created by an anonymous person or group named Satoshi Nakamoto.
Bitcoin has been growing steadily since its creation. Although cash was supposed to grow from almost nothing, it recorded steady growth, and at the time of publication in the press, its value was about $ 10,385.
Digital money, whose market capitalization has grown to more than $ 200 billion, has consistently been considered not only one of the most used funds in the world, but also surpassed many Fiats in the world.
Although bitcoin and other Fiat currencies do not match in terms of how they are calculated in the value of circulation, however, the ratings of world currency pairs can be calculated by setting and comparing its market capitalization with the money supply of M0 Fiat.
It is noteworthy that M0 refers to the most liquid form of money – cash. This includes Central Bank notes and coins. MV refers to the underlying cash from which banks can expand the money supply.
Other leading Fiats
According to the report, Bitcoin has surpassed many existing Fiat currencies and is currently the sixth largest currency in the world after surpassing the Russian ruble in terms of the amount in circulation.
It is noteworthy that the Fiat currency leading the world currency ratings is the US dollar (USD). The US Federal reserve said that more than $ 1.95 trillion in us dollar notes and coins are currently in circulation.
In second place is the Euro (EUR), a fairly new Fiat currency. It was established in 2002 by the European Union, and is currently used and accepted in all EU member States. Also, official data from the EU suggest that 1.38 trillion euros are in circulation.
The Chinese yuan (CNY) is declared as the third Fiat currency in the current world ranking. Data from Trading Economics shows that there are about 8 trillion Chinese yuan in circulation, which is basically the equivalent of $ 1.15 trillion.
In fourth place is the Japanese yen (JPY) with a total circulation of 106 trillion yen. In fifth place is the Indian rupee (INR), which currently has more than 31 trillion INR in circulation.
Leading countries in the adoption of the cue Ball
Blockchain research company Chainalysis recently identified several countries where Bitcoin (BTC) and other digital currencies are most commonly used.
Notably, of the top ten countries with high usage, only two are developed, namely China and the United States.
The research company that made a list of 154 countries showed that Ukraine, Russia and Venezuela are leading the world in the introduction of cryptocurrencies. The top ten also includes China, Kenya, South Africa, Nigeria, Colombia and Vietnam.