Believe it or not, the smallest denomination of Bitcoin is already worth more than quite a few national currencies. This is despite the fact that Bitcoin’s price is approximately 40% below its all-time high.
The debate regarding Bitcoin’s intrinsic value has been going on for quite a while. Regardless of which side you’re on, popular cryptocurrency trader Rhythm has brought up a rather interesting point.
He points out that the smallest denomination of Bitcoin, one Satoshi, is now worth more than some national currencies.
At the time of his tweet, 0.00000001 BTC was worth more than:
The last few days have been nothing but interesting for Bitcoin. The cryptocurrency’s price jumped from $9,800 to around $14,000, only to drop violently again to about $10,800. However, since the correction, Bitcoin is seemingly recovering, marking a 2% gain over the past 24 hours. The cryptocurrency is now trading at around $12,000 and holds a market cap of around $215 billion.
In the same vein, another interesting chart was recently published examining the monetary bases of various countries throughout the world.
Global Base Money UPDATE: @$8,940, #bitcoin is larger than South Korea’s monetary base (2019 Q1 won value). This means Bitcoin’s monetary system is now the *9th* largest currency in the world, #11 if you count gold & silver. Full update will follow in CV 2019 Q2 update. pic.twitter.com/uOurAwuTzm
— Crypto Voices (@crypto_voices) June 18, 2019
As it turns out, the countries with the biggest monetary bases are Japan, China, the United States, the United Kingdom, Switzerland, India, Russia, and the nations comprising the Eurozone. This is where Bitcoin steps into the picture with its current $215 billion market cap.
That makes Bitcoin bigger than the monetary bases of countries such as Canada, Brazil, Australia, Mexico, and Sweden.
However, it’s important to note that a country’s monetary base is measured in terms of the overall amount of currency in circulation or which is held in commercial deposits in its central bank. Consequently, it excludes the country’s gold reserves.