The leading cryptocurrency continues to absorb any and all capital in its path, causing its price and market cap to expand. The recent uptrend and price appreciation in Bitcoin has caused the asset to outrank the Russian ruble in terms of total market cap.
Here’s why the cryptocurrency continuing to rise the global currency list by rank is so incredibly important to the asset’s future.Bitcoin Beats Russian Ruble, Closes In On Global Reserve Currency
Despite the asset class having the word itself in its name, Bitcoin pundits and naysayers first line of defense is to point out that very few actually use the asset as a currency.
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Those that do spend it, end up regretting it later when price appreciates so much. But there’s nothing preventing Bitcoin and other crypto assets from being spent anywhere they’re accepted. And while that might be limited, far more merchants accepting crypto exists than those that’ll take physical gold bars.
BTC beats RUB and closing in on CHF | Source:
The latest currency supply that Bitcoin has now overtaken in total value, is the Russian ruble. A cryptocurrency once worth nothing is now more valuable than all the supply of Russian-made money that exists globally.
The argument that Bitcoin is not a currency not only won’t hold any weight, but it could be a sign that its well on its way to becoming the most dominant global reserve currency of all.
BTC is closing in on $1 trillion market cap | Source:
After Switzerland, Bitcoin will face off with the Brazilian real and Taiwan dollar. Beyond there, lies the top ten currencies and the likes of the yen, yuan, and US dollar.
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What’s interesting about Bitcoin, is that although few are using it as a currency today, if volatility truly does dissipate through years of adoption, there’s no reason why users of the technology would turn to using it for the day to day transactions.Featured image from Deposit Photos, Charts from TradingView.com