Bitcoin Climbs the Global Currency Rankings
A recent report by Bitcoin credit card company Bold reveals that Bitcoin has entered the top 15 largest currencies in the world, making it the only cryptocurrency among sovereign central bank currencies in the top 20. Data from CEIC and CoinGecko shows that Bitcoin’s market capitalization reached $732.5 billion in November, surpassing India’s rupee and closing in on the Swiss franc. With a market cap of $840 billion as of Tuesday, Bitcoin is now chasing after the South Korean won. If Bitcoin’s price were to reach $919,305, it would become the largest global currency, surpassing even the US dollar.
Are Cryptocurrencies Truly Currencies?
A research article published in Science questions whether cryptocurrencies can truly be considered currencies since they have yet to be widely adopted as a medium of exchange. However, another article suggests that Bitcoin has the potential to become a major reserve currency and play a role in diversifying the global monetary order. Coinbase CEO Brian Armstrong believes that Bitcoin is not a threat to the US dollar but can instead help protect Western civilization and prevent de-dollarization.
Hot Take: The Rise of Bitcoin
Bitcoin’s ascent in the global currency rankings showcases its growing influence and acceptance. As it surpasses traditional fiat currencies like India’s rupee and Switzerland’s franc, Bitcoin proves its value as a store of wealth and potential reserve currency. While there are still debates about whether cryptocurrencies can truly function as currencies, their disruptive power cannot be denied. With continued adoption and rising market capitalization, Bitcoin is solidifying its place in the financial world and reshaping the future of money.
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