In a groundbreaking financial shift, Bitcoin, the world’s original and deeply capitalized cryptocurrency, has swiftly climbed the ranks, securing its place among the top 15 largest currencies globally. Bold, a Bitcoin credit card company, revealed this remarkable feat in December, emphasizing Bitcoin’s uniqueness as the sole crypto in the top 20 currencies of sovereign central banks.
Examining the data provided by CEIC and CoinGecko paints a vivid picture of Bitcoin’s extraordinary ascent. On the pivotal date of November 19, Bitcoin’s market capitalization soared to over $835 billion, solidifying its position among the global financial giants.
Bitcoin’s Meteoric Rise: Overtaking Global Currencies
This milestone not only marked a significant leap forward for Bitcoin but also propelled it past India’s rupee, which stood at a little over $693 billion in November.
The narrative of Bitcoin’s triumph doesn’t stop there. Surpassing national currencies with ease, Bitcoin continued its meteoric rise, outshining even the venerable Swiss Franc.
By achieving a staggering market capitalization of $830 billion, Bitcoin showcased not only its financial prowess but also its resilience in a landscape often defined by volatility.
Bold’s list places Bitcoin just behind South Korea’s Won, boasting a market cap of $903 billion. FiatMarketCap, however, positions Bitcoin as the 16th largest currency by market cap when considering all currencies in the list.
— Bold Bitcoin (@BoldBitcoin) December 20, 2023
The month of December witnessed a palpable surge in Bitcoin’s value, propelled by the heightened anticipation surrounding spot ETFs. This burgeoning excitement not only elevated Bitcoin’s market standing but also facilitated a noteworthy milestone.
During this period of heightened anticipation, Bitcoin, with unwavering momentum, not only surpassed the valuation of the Swiss Franc but went a step further, closing in on the esteemed South Korean Won.
The strategic alignment of market forces, coupled with growing investor confidence, played a pivotal role in this achievement, showcasing Bitcoin’s resilience and adaptability in responding to evolving market conditions.
Bitcoin slides back into the $42K territory. Chart: TradingView.com
At the current trading price of $42,427, Bitcoin experienced a slight dip of 0.7% and 1.1% in the last 24 hours and seven days, respectively, according to Coingecko’s data.
Bitcoin: Challenging Global Currency Norms
A fascinating perspective emerges when considering Bitcoin’s potential. If its price were to reach over $919, it would exceed the US dollar’s money supply of $18 trillion, establishing itself as the largest global currency.
The debate over whether cryptocurrencies are true currencies remains active. The American Association for the Advancement of Science, in a research article published on December 22, suggests that while digital currencies are a significant development, they have yet to serve widely as a medium of exchange.
Contrastingly, a Geopolitical Monitor article on November 10 sees potential in Bitcoin becoming a major reserve currency, influencing the global monetary order.
‘Explosive’ Future For The King Coin
Looking ahead, 2024 appears to be a “very explosive” year for Bitcoin, with expectations of ETFs, legislative developments, and regulatory shifts. Brandon Zemp, CEO of BlockHash LLC, anticipates growth in the crypto industry, emphasizing its cyclical nature and the resilience demonstrated despite challenges in previous years.
Encouragingly, the crypto industry is firmly established, with a continuous purge of malicious actors enhancing awareness for improved practices and safeguards. Anticipating a forthcoming bull market, there is optimism that this phase might exhibit greater stability and longevity, primarily attributed to the systematic elimination of undesirable elements from the industry, as highlighted by Zemp.
“The good news is that crypto is here to stay and bad actors are constantly being flushed out of the market,” he said.
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