Bitcoin has far surpassed the value of UK banknotes and coins in circulation.
With a current price of $11,451.70 and a market cap of well over $191bn, bitcoin exceeds the value of most currencies in circulation, including the likes of the UK, which has $103bn of pounds in circulation, as well as Canada ($59bn) and Australia ($55bn).
Well over 50% of the world’s population live in countries with currencies in circulation worth less than the value of bitcoin, according to a new report from SmallBusinessPrices.co.uk.
If the price of bitcoin was to rise to $15,000, it would overtake the value of all Indian Rupee banknotes and coins in circulation to become the world’s fifth most valuable currency, the report claimed.
However, bitcoin would need to increase to $72,300 to overtake the euro and become the second 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, said the report’s authors.
The report also found that bitcoin was the only cryptocurrency ranking as a top ten world currency.