Bitcoin’s capitalization is higher than Turkey’s monetary circulation. This is noted by the engineer and creator of one of the Bitcoin Core forks Jameson Lopp.
During 2019 Bitcoin rose from 49th to 34th position in terms of M1 money supply. https://t.co/bAj2IDIWBm pic.twitter.com/Au2QKx8Wvl
— Jameson Lopp (@lopp) December 30, 2019
Taking as reference the data provided by the CIA (Central Intelligence Agency) of M1 money supply, which is the total amount of fiat money in circulation arranged for each state, it is possible to see the capitalization of each country. Taking bitcoin capitalization data, derived from CoinMarketCap, it is easy to notice that bitcoin (BTC) would position itself above Turkey:
Indeed, bitcoin (BTC) with its $ 130 billion capitalization, can easily compete with entire states.
Given these numbers, it is difficult to label bitcoin as a useless, worthless asset or even a Ponzi scheme.
Making a comparison with the maximum reached by both the value of bitcoin and its capitalization, it is clear that with its $334 billion it would have surpassed Russia ($204.9 billion), Australia ($271.9 billion) and even Hong Kong ($311.7 billion), placing itself just behind Sweden ($339.9).
Making a long-term prediction and with crazy prices for bitcoin, with a value of $100 thousand per unit, it would come in sixth position beating Spain, Italy and France, and would only be behind Germany, while instead with a price at $1 million, it would be the most valuable asset on Earth, overtaking everyone, even the United States, Japan, China and the entire European Union.
At present, it is difficult to reach these prices, despite the optimistic predictions in many cases. One factor that will affect it will be the next halving that could give an upward push to BTC’s price, but that remains to be seen.