Another day of gains for Bitcoin (BTC) has seen the price of the biggest crypto by market cap rise beyond the $1.1 trillion mark, peaking at $1.105 trillion for now. The BTC market cap is once more sufficient to cover the M1 money supply of either Canada or Australia.
The market cap growth now means that BTC’s market size has exceeded Canada’s M1 money supply which stands at $1.104 trillion, based on data from CEIC. At its present figure, BTC’s market cap is also bigger than the M1 money supply of the Australian dollar that currently stands at $1.079 trillion.
By surpassing Canada and Australia, BTC’s market cap is once more large enough to make bitcoin appear in the top 10 “stock of narrow money” rankings. M1, or narrow money, refers to the cumulative supply of physical currency in circulation and traveler’s checks and several other forms of demand deposits that are held by the public firms, non-banking organizations, and private sector institutions among others.
Bitcoin’s surge to the top 10 of the global M1 money supply charts provides another indication of the speed of bitcoin’s growth as a currency. In November 2017, BTC was ranked 32nd in terms of the narrow money supply.
The bitcoin market cap exceeding Canada’s and Australia’s M1 money supply means that the US dollar value of each bitcoin that is mined this far is adequate to replace the current currency circulation in either country, with several Satoshis left over.
Italy and Spain are the only two countries above bitcoin whose M1 money supply figures are below the $2 trillion mark. At the current BTC total supply of almost 18.67 million bitcoins, the asset price will need to reach $90,600 to surpass Italy and Spain on the M1 money supply log.
Bitcoin is trading around $59,000 after PayPal recently announcing the launch of crypto payment support for US clients. The biggest crypto by market cap is up by over 100% year-to-date.