Bitcoin (BTC) can be used as a medium of exchange (MoE), a store of value (SoV), and also as a unit of accounting (UoA), considering the three main use cases for money. For the latter, it is possible to price many different things in BTC, which includes the cost of an iPhone 15, or the market capitalization of fiat currencies worldwide.
Interestingly, cryptocurrency service providers are already used to price other assets with Bitcoin as their unit of accounting.
In this context, CoinMarketCap is comparing Bitcoin’s market value by pricing some major fiat currencies’ market cap in BTC. For that, the crypto platform multiplies the current price of a given fiat with the available circulating supply of this currency, usually reported by its respective central bank.
Bitcoin compared to the largest fiat currencies by market cap. Source: CoinMarketCap
Moreover, the United States Dollar (USD) is closely following the CNY in the second position, with a 1.26 billion BTC market cap, 64 times higher than Bitcoin’s available supply and capitalization.
It is important to note that the U.S. Dollar has a meaningfully smaller circulating supply than the global leader, estimated to be 35.24 trillion USD, the market cap in BTC is reached due to its trading price of 3,580 sats per dollar, by press time.
Additionally, the EUR has a market cap of close to 560 million BTC, the JPY has slightly more than 380 million BTC market cap, and the GBP takes the fifth position with a 155 million BTC market capitalization.
