Bitcoin (BTC) can be used as a medium of exchange (MoE), a store of value (SoV), and also a unit of settlement (UoA), considering the three main use cases for money. For the latter, it is possible to price many different things in BTC, including the cost of an iPhone 15 or the market cap of fiat currencies worldwide.
Interestingly, cryptocurrency service providers are already using Bitcoin as a unit of settlement for pricing other assets.
In this context, CoinMarketCap compares the market value of Bitcoin by pricing the market capitalization of some major fiat currencies in BTC. To do this, the crypto platform multiplies the current price of a particular fiat by the available circulating supply of that currency, which is usually reported by the respective central bank.
Notably, the market cap of the top 20 fiat currencies is higher than the current Bitcoin amount in circulation of 19.51 million BTC, with the Vietnamese dong (VND) being the closest with a market cap of 20,875,201 BTC Bitcoin lies. The top 20 are as follows:
- Chinese Yuan (CNY)
- US dollars (USD)
- Euros (EUR)
- Japanese Yen (JPY)
- Pound Sterling (GBP)
- South Korean Won (KRW)
- Indian Rupee (INR)
- Canadian Dollar (CAD)
- Hong Kong dollar (HKD)
- Brazilian Real (BRL)
- New Taiwan Dollar (TWD)
- Australian dollar (AUD)
- Swiss franc (CHF)
- Russian ruble (RUB)
- Mexican Peso (MXN)
- Saudi Riyal (SAR)
- Thai Baht (THB)
- United Arab Emirates Dirham (AED)
- Singapore dollar (SGD)
- Vietnamese Dong (VND)
CYN and USD market capitalization measured in Bitcoins
The Chinese Yuan (CNY) is now the leading fiat currency by market capitalization. With a price of 497 sats and a circulating volume of CNY286.93 trillion, the Chinese Yuan has a market capitalization of more than 1.42 billion BTC, 72 times larger than the leading cryptocurrency.
Bitcoin compared to the largest fiat currencies by market capitalization. Source: CoinMarketCap
Furthermore, the US Dollar (USD) is close behind the CNY in second place, with a market cap of 1.26 billion BTC, 64 times higher than Bitcoin’s available supply and capitalization.
It is important to note that the US dollar has a significantly lower circulating supply than the world leader, which is estimated at $35.24 trillion. The market cap in BTC is at press time due to its trading price of 3,580 sats per dollar.
Additionally, the EUR has a market cap of almost 560 million BTC, the JPY has a market cap of just over 380 million BTC, and the GBP ranks fifth with a market cap of 155 million BTC.
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