Bitcoin Surpasses Russia’s Ruble in Market Value, Enters Top 15 Currencies
In a significant milestone, Bitcoin’s market value has exceeded that of Russia’s Ruble, solidifying its position among the top 15 most valuable currencies globally. With a supply of 19.64105 million BTC, Bitcoin’s market value now stands at over $1.210 trillion. In comparison, the total value of circulating Russian Rubles is equivalent to 17.545366 million BTC tokens or $1.075 trillion.
The price of Bitcoin has recently consolidated in the mid-$61,000s after experiencing a 20% surge this week due to increasing demand for exchange-traded funds (ETFs).
Surge in Spot Bitcoin ETF Trading
Spot Bitcoin ETF trading volumes reached over $7.5 billion on Wednesday, according to The Block. Additionally, there were net inflows of more than 11,000 into spot Bitcoin ETFs on that day alone. This demand from ETF investors is expected to continue growing as the Bitcoin halving approaches in April.
The halving event will reduce the rate at which BTC is issued to miners by half, effectively decreasing long-term sell pressure on the cryptocurrency.
Wirehouses and Major Banks Joining the Wave
Currently, spot Bitcoin ETF demand primarily comes from retail investors, hedge funds, and independent financial advisors. However, Bitwise CIO Matt Hougan predicts that major brokerage platforms or “wirehouses” like Goldman Sachs and Bank of America will soon join the wave and offer spot Bitcoin ETF access to their extensive client bases.
Indeed, Bloomberg reported that Wells Fargo and Bank of America are planning to provide spot Bitcoin ETFs to their clients. Additionally, there are rumors that Morgan Stanley is also considering the same move.
Bitcoin’s Market Value Nearing Top 10 Currencies
If Bitcoin’s market value surpasses $100,000 in the coming year, it could potentially enter the top 10 most valuable currencies. Currently, Brazil’s Real holds the 10th spot with approximately $2.175 trillion in circulating supply. To surpass the Real and achieve a market value of $2.2 trillion, Bitcoin would need to reach around $110,000.
Hot Take: Bitcoin’s Market Value Continues to Soar
With its market value surpassing Russia’s Ruble and its position among the top 15 currencies worldwide, Bitcoin’s rise seems unstoppable. The surge in spot Bitcoin ETF trading volumes and the anticipation of the upcoming halving event contribute to this upward trend. Moreover, major banks like Wells Fargo, Bank of America, and potentially Morgan Stanley joining the wave will likely further accelerate Bitcoin’s market value growth.
If Bitcoin can maintain its bullish trajectory and reach a market value of over $100,000, it has a real chance of entering the top 10 most valuable currencies globally. All eyes are on Bitcoin as it continues to revolutionize the financial landscape.
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