Although hard to imagine, Bitcoin is now the 6th largest world currency, beating more than 170 different fiat currencies including the Russian Ruble.
Barely more than a decade old, Bitcoin is now ranked among the 10 largest world currencies.
There is no African fiat currency that comes close to beating the Bitcoin market cap.
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Here is a list of the top world currencies and where bitcoin stacks up:
- The United States Dollar (USD) – $1.95 trillion
- The Euro (EUR) – $1.38 trillion
- The Chinese Yuan (CNY) – $1.15 trillion
- Japanese Yen (JPY) – $1 trillion
- Indian Rupee (INR) – $425 billion
- Bitcoin (BTC) – $216 billion
Although this comparison might not exactly fit the conventional approach, the market capitalization of bitcoin puts it squarely in 6th position right ahead of the Russian Ruble.
A deep dive into the world of cryptocurrencies however reveals a much higher market capitalization for the entire industry.
The growing demand for DeFi has also accelerated the growth in the industry with almost $8 billion added into the space in less than 3 months.
The rise of Bitcoin in value in just 10 years is in stack contrast to the world’s currencies, making it the best investment of all time.
RECOMMENDED READING: Almost 1% of All Bitcoin is Held in Ethereum – Here is How DeFi is Eating Up Bitcoin
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