{"id":456349,"date":"2021-02-10T01:00:09","date_gmt":"2021-02-10T01:00:09","guid":{"rendered":"https:\/\/uniquehot.com\/?p=456349"},"modified":"2024-06-11T09:21:55","modified_gmt":"2024-06-11T09:21:55","slug":"bitcoin-overtakes-russian-ruble-inches-closer-to-top-ten-global-currencies","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-overtakes-russian-ruble-inches-closer-to-top-ten-global-currencies\/","title":{"rendered":"Bitcoin Overtakes Russian Ruble, Inches Closer To Top Ten Global Currencies"},"content":{"rendered":"

The leading cryptocurrency continues to absorb any and all capital in its path<\/a>, causing its price and market cap to expand. \u00a0The recent uptrend and price appreciation in Bitcoin has caused the asset to outrank the Russian ruble in terms of total market cap.<\/p>\n

Here’s why the cryptocurrency continuing to rise the global currency list by rank is so incredibly important to the asset’s future.<\/p>\n

Bitcoin Beats Russian Ruble, Closes In On Global Reserve Currency<\/h2>\n

Despite the asset class having the word itself in its name, Bitcoin pundits<\/a> and naysayers first line of defense is to point out that very few actually use the asset as a currency.<\/p>\n

The first ever cryptocurrency was designed as a peer-to-peer form of “digital cash,” but today it functions more so as “digital gold” instead. Rather than using Bitcoin for paying for goods and services, investors “hold” for the long-term, rarely spending it.<\/p>\n

Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey<\/a><\/strong><\/em><\/p>\n

Those that do spend it, end up regretting it later<\/a> 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.<\/p>\n

That’s why regardless of its current use, Bitcoin is still a currency at its core. And while the crypto asset is still a ways off from catching up to gold’s market cap, as a currency it is trouncing other national superpowers.<\/p>\n

\"bitcoin<\/p>\n

BTC beats RUB and closing in on CHF | Source: FiatMarketCap<\/a><\/pre>\n
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<\/a>.<\/p>\n
What’s more significant, is Bitcoin’s proximity to the top ten currencies by global rank, and the fact it is creeping up right behind the Swiss franc (CHF). The franc is a global reserve currency, making it especially notable if the cryptocurrency passes it.<\/p>\n
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<\/a> of all.<\/p>\n
\"bitcoin<\/p>\n
BTC is closing in on $1 trillion market cap | Source: CRYPTOCAP-BTC on TradingView.com<\/a><\/pre>\n
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<\/a>.<\/p>\n
Related Reading | Bitcoin Price Closing Above This \u201cHurdle\u201d Sends Bulls \u201cOff To The Races\u201d<\/a><\/strong><\/em><\/p>\n
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.<\/p>\n
Featured image from Deposit Photos, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
The leading cryptocurrency continues to absorb any and all capital in its path, causing its price and market cap to expand. \u00a0The 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. The first ever cryptocurrency was designed as a peer-to-peer form of “digital cash,” but today it functions more so as “digital gold” instead. Rather than using Bitcoin for paying for goods and services, investors “hold” for the long-term, rarely spending it. Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey 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. That’s why regardless of its current use, Bitcoin is still a currency at its core. And while the crypto asset is still a ways off from catching up to gold’s market cap, as a currency it is trouncing other national superpowers. BTC beats RUB and closing in on CHF | Source: FiatMarketCap 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. What’s more significant, is Bitcoin’s proximity to the top ten currencies by global rank, and the fact it is creeping up right behind the Swiss franc (CHF). The franc is a global reserve currency, making it especially notable if the cryptocurrency passes it. 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: CRYPTOCAP-BTC on TradingView.com 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. Related Reading | Bitcoin Price Closing Above This \u201cHurdle\u201d Sends Bulls \u201cOff To The Races\u201d 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<\/p>\n","protected":false},"author":517,"featured_media":456350,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,78790,6664,4524,76835],"class_list":["post-456349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nBitcoin Overtakes Russian Ruble, Inches Closer To Top Ten Global Currencies<\/title>\n<meta name=\"description\" content=\"The leading cryptocurrency continues to absorb any and all capital in its path, causing its price and market cap to expand. \u00a0The recent uptrend and price\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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