Bitcoin’s capitalization exceeds the currency circulating in Turkey
Bitcoin’s capitalization exceeds the currency circulating in Turkey
Bitcoin

Bitcoin’s capitalization exceeds the currency circulating in Turkey

By Alfredo de Candia - 4 Jan 2020

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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

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:

M1 money supply

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.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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