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Bitcoin (BTC) ranks as world 6th largest currency

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Bitcoin (BTC) the most popular digital currency in a new survey carried out has been reported as the sixth-largest currency in the world.

According to the report, the king of crypto beat the Russian ruble (RUB) to become the sixth-largest currency in the globe after just a decade since it’s establishment by an anonymous person or group by the name Satoshi Nakamoto.

Bitcoin (BTC) since it’s creation has witnessed a steady rise. Although the currency had to climb from practically nothing it recorded a steady rise and as at press time the currency is value at about $10,385.

The digital currency which has seen its market capitalization surge to over $200 billion has invariably stamped it itself not only as one of the most used currency globally but also as surpass many fiat currencies in the world.

Although Bitcoin (BTC) and other fiat currencies are not the same in terms of how they are calculated in circulation value, however, the pairs world currency rankings can be calculated by establishing and comparing its market capitalization to the M0 money supply of fiat currencies.

Notably, M0 refers to the most liquid form of money: cash. That includes central banknotes and coins. MB refers to the base money supply from which banks can extend the money supply.

Other top fiat currency

Bitcoin (BTC) according to the report has surpassed a lot of fiat currency in existence and currently sits as the sixth-largest currency in the world after beating Russia ruble in amount in circulation.

Notably the fiat currency topping the world currency rankings is the US dollar (USD). The US Federal Reserve disclosed that there are currently more than $1.95 trillion worth of the US dollar notes and coins in circulation.

Holding it down at the second place is the Euro (EUR) a pretty new fiat currency. It was established in 2002 by the European Union and is currently been used and accepted in all EU member states. Also official data from the EU suggest that there are 1.38 trillion euros in circulation.

The Chinese Yuan (CNY) holds it down as the third fiat currency in the current world currency rankings. Trading Economics data reveals that there are about 8 trillion Chinese Yuan in circulation, which is basically equivalent to $1.15 trillion.

Coming in at number four is the Japanese yen (JPY) with a total of 106 trillion JPY in circulation. And at number five is the Indian rupee (INR), which currently has more than 31 trillion INR in circulation.

Countries leading in the adoption of Bitcoin (BTC)

Blockchain research firm Chainalysis, recently revealed several countries where Bitcoin (BTC) and other digital currency are used the highest.

Notably of the top ten countries with high usage rate only two are developed nations namely, China and the United States.

The research firm out of 154 countries analyzed, revealed that Ukraine, Russia, and Venezuela lead the world in terms of crypto adoption. Also included in the top 10 are China, Kenya, South Africa, Nigeria, Colombia, and Vietnam.

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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