Bitcoin maintained its stability over the weekend and currently sits at a value of $66,500 as of March 4. It is on the verge of reaching its all-time high of $68,991 against the U.S. dollar. This puts Bitcoin’s total market value at $1.31 trillion, surpassing the value of all Swiss francs in circulation. In fact, if Bitcoin were a fiat currency, it would rank as the 13th largest in the world by market capitalization.
As of now, there are approximately 19,644,462 BTC in circulation, with a technical limit of 21 million. However, due to the way mining rewards are calculated, it is unlikely that Bitcoin will ever be fully mined.
While it is impossible to predict the future price of BTC, taking a snapshot of its current position near its previous all-time high allows us to understand the global impact of Bitcoin.
In the past, 10,000 BTC could only buy a couple of pizzas. Today, a single Bitcoin can purchase nearly 1,000 shares in Papa John’s, making it the fourth-largest pizza chain by market value. This references the famous pizzas purchased by Laszlo Hanyecz.
With Bitcoin’s current market value, someone holding 10,000 BTC would have around $666.4 million, giving them more purchasing power than 97 countries.
In terms of circulation, only 12 fiat currencies have enough value to buy all the available Bitcoin. The Chinese yuan leads with a market cap of 620,521,346 BTC, followed closely by the U.S. dollar with 597,177,334 BTC. The euro ranks third with a market cap worth approximately 242 million BTC. Just ahead of Bitcoin’s market cap at number 12 is the New Taiwan dollar, with a circulation worth slightly over 29 million BTC.
To provide perspective, there are about 2.7 trillion Icelandic krona in circulation, which is enough to buy around 80% of the existing supply of Dogecoin. However, if Iceland were to convert all its krona to Bitcoin, it would only account for about 1.5% of the current total supply.
If Bitcoin were to reach $100,000 per coin, it would likely rank between seventh and eighth on the list of most valuable fiat currencies by market cap. This would place it between the Indian rupee and the Canadian dollar.
At a value of $1 million per coin, Bitcoin’s market cap would be slightly below $21 trillion, surpassing the market cap of any other fiat currency except for the yuan and U.S. dollar.