Bitcoin maintained its stability over the weekend and, as of March 4, it is on the verge of surpassing its all-time high of $68,991, currently standing at a value of $66,500. With this, Bitcoin’s total market value reaches $1.31 trillion, which is approximately $1 billion more than the total circulation of Swiss francs. In fact, if Bitcoin were considered a fiat currency, it would rank as the 13th largest in the world based on market capitalization.
As of now, there are reportedly 19,644,462 BTC in circulation, with a technical limit of 21 million. However, due to the calculation of mining rewards, it is unlikely that Bitcoin will ever reach 100% mining completion.
While it is impossible to predict the future price of Bitcoin, analyzing its current position as it approaches its previous all-time high provides a glimpse into the global impact of this cryptocurrency.
In the past, 10,000 BTC could only buy a couple of pizzas. Presently, a single Bitcoin would be equivalent to nearly 1,000 shares in Papa John’s, the fourth-largest pizza chain in terms of market value. These pizzas are famously known for being the first real-world transaction made with Bitcoin by Laszlo Hanyecz.
With Bitcoin’s current market value, an individual holding 10,000 BTC would possess around $666.4 million, giving them more purchasing power than 97 countries worldwide.
This implies that only 12 fiat currencies have a sufficient circulation to buy the available Bitcoin currency. China’s yuan leads the way with a market cap of 620,521,346 BTC, followed closely by the U.S. dollar with a circulation supply worth 597,177,334 BTC. The euro’s total market cap is significantly lower at approximately 242 million BTC. The New Taiwan dollar, just ahead of Bitcoin’s market cap, holds a total circulation worth slightly over 29 million BTC.
To put things into perspective, the total circulation of Icelandic krona today is approximately 2.7 trillion, which is enough to purchase about 80% of the existing supply of Dogecoin. However, if Iceland wanted to convert all of its krona into Bitcoin, it would only be able to secure around 1.5% of the current total supply.
Taking it a step further, if Bitcoin were to reach $100,000 per coin, it would likely rank between seventh and eighth on the list of the most valuable fiat currencies by market cap. This would position it between the Indian rupee and the Canadian dollar. At a price of $1 million per coin, Bitcoin’s market cap would be slightly below $21 trillion, surpassing the market cap of any other fiat currency except the yuan and U.S. dollar.