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.
Notably, the top 20 fiat currencies have a market cap superior to Bitcoin’s current circulating supply of 19.51 million BTC, with the Vietnamese Dong (VND) being the closest one to Bitcoin, with a market cap of 20,875,201 BTC. The top 20 are as follows:
- Chinese Yuan (CNY)
- United States Dollar (USD)
- Euro (EUR)
- Japanese Yen (JPY)
- Pound Sterling (GBP)
- South Korean Won (KRW)
- Indian Rupee (INR)
- Canadian Dollar (CAD)
- Hong Kong Dollar (HKD)
- Brazilian Real (BRL)
- New Taiwan Dollar (TWD)
- Australian Dollar (AUD)
- Swiss Franc (CHF)
- Russian Ruble (RUB)
- Mexican Peso (MXN)
- Saudi Riyal (SAR)
- Thai Baht (THB)
- United Arab Emirates Dirham (AED)
- Singapore Dollar (SGD)
- Vietnamese Dong (VND)
CYN and USD market cap measured in Bitcoins
Meanwhile, the leading fiat currency by market cap is the Chinese Yuan (CNY). Priced at 497 sats and with a circulating supply of 286.93 trillion CNY, the Chinese Yuan has a market cap superior to 1.42 billion BTC, or 72 times larger than the leading cryptocurrency.
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.
