Those who are active in the cryptocurrency world certainly know CoinMaketCap, a famous website used to control the price, the variation in the last 24 hours and the capitalisation of over one thousand cryptocurrencies. Someone, however, decided to create a very similar website that performs the same function but with the classic fiat currencies measured in bitcoin: FiatMarketCap.
It is a rather curious and useful tool, which allows to check different parameters, including the circulating supply of each of the 116 listed fiat currencies, the total capitalisation in bitcoin equivalent, the value of each single unit of the currency in Satoshi (sub-unit of BTC), as well as their position in the ranking and also the subdivision by country.
On FiatMarketCap, which can be reached at the following address, it is also possible to view the increase in current supply recorded in the last 3, 5 or 10 years.
FiatMarketCap: capitalisation of fiat currencies in bitcoin
The web page features the same layout as CoinMarketCap, allowing users to immediately identify the location of the total capitalisation, the value of each currency and the position in the ranking.
Unlike cryptocurrencies, where thanks to blockchain technology it is easy to know the total and circulating supply of a currency and a token, the same operation is not so trivial with fiat currencies. The author of FiatMarketCap has stated that the data concerning the circulating supply of fiat currencies are taken from the bank data publicly available online.
In detail, the author referred to the monetary aggregators M2 and M3 of the banking systems of the various countries. This should, therefore, ensure a good approximation of the real amount of fiat currency in circulation, although there is clearly no transparency like the one guaranteed by bitcoin thanks to the blockchain. It is, therefore, necessary to trust the data made available by the central banks of individual governments.
The capitalisation of the fiat currencies is clearly expressed in bitcoin, while that of every single unit, in satoshi, so as to make the unitary comparison much easier and more intuitive.
When reading some of the figures reported, at the moment the fiat currency with the greatest capitalisation is the Chinese Yuan (CNY) which, thanks to a known circulating supply of 193.55 trillion Yuan, is in the first position in terms of capitalisation, with a value equivalent to almost 3.3 billion BTC.
In the second place, there is obviously the US dollar, with a circulating supply of just over 15 trillion but which, thanks to a value per USD of 12 thousand Satoshi, allows it to reach a capitalisation of 1.81 billion BTC. Finally, on the third step of the podium, there is the euro with a capitalisation of just over 1.6 billion BTC.
What is the bitcoin capitalisation of the euros circulating in Italy?
FiatMarketCap also has a very interesting section, especially for the eurozone countries, all characterised by the same fiat currency. In fact, by browsing through the section dedicated to the capitalisations of each individual state, it is possible to see and compare the BTC equivalent of the currency in circulation in a given country.
In the case of Italy, the monetary aggregators report a circulating supply close to 1,600 billion euros, which is equivalent to a capitalisation in bitcoin at the current price of 217,631,999 BTC, more than 10 times the maximum supply of bitcoin.
The country in the eurozone with the highest circulating fiat currency is Germany, with a total of 3,176 billion euro, equal to almost 425 million BTC.