The current value of all Bitcoins is greater than the value of all banknotes and coins in UK circulation, according to a new report by SmallBusinessPrices.co.uk.
The UK has ($103 billion) in circulation, while Canada and Australia have ($59 billion) and ($55 billion) respectively.
This makes it the world’s sixth most valuable currency based on the amount in circulation.
If the price of Bitcoin rises to $15,000 it will overtake the value of all Indian Rupee banknotes and coins in circulation to become the 5th most valuable currency. Which given it’s recent growth rate it could do within the next month.
However, Bitcoin’s price needs to increase to a staggering $72,300 to overtake the Euro and become the 2nd most valuable currency.
And to beat the US Dollar, in terms of circulation value, it would need to increase in price to at least $85,160.
Bitcoin is the only Cryptocurrency in the top 10 currencies worldwide, but both Ethereum and Bitcoin Cash are in the top 20.
Of course, while cryptocurrencies are on the rise and will likely become an ever more important part of our economy, they are not yet widely accepted. For the meantime, the traditional country based currencies we trade in will hold their strength, regardless of supposed value.
You can read the full report here: https://smallbusinessprices.co.uk/bitcoin-vs-currencies/