Another day of Bitcoin (BTC) rally saw the price of the largest cryptocurrency market capitalization topped $ 1.1 trillion – $ 1.105 trillion to be exact.
This rise in market capitalization now means that the size of the bitcoin market has surpassed the Canadian M1 money supply of $ 1104 trillion, according to CEIC data.
According to current data, Bitcoin’s market capitalization is also larger than the M1 money supply for the Australian dollar, which currently stands at $ 1.079 trillion.
Having overtaken Australia and Canada, Bitcoin’s market capitalization is once again large enough for BTC to make it into the top 10 “no-money stocks”.
M1, or hard money, refers to the total amount of physical currencies in circulation, as well as traveler’s checks and other forms of demand deposits such as non-bank institutions, government corporations, and private sector institutions.
Bitcoin’s rise to the top ten of the world’s M1 money supply charts is another indicator of the growth rate of BTC as a currency. Back in November 2017, Bitcoin only ranked 32nd in narrow money supply.
The market value of BTC, which exceeds the M1 money supply in Australia and Canada, means that the value of every bitcoin mined to date in US dollars is sufficient to replace the current circulation of money in both countries, and there are only a few satoshis left.
Spain and Italy are the only two countries to outperform Bitcoin, with their M1 cash flow shrinking to less than $ 2 trillion.
With the current total supply of bitcoin at around 18.67 million BTC, the asset price would need to hit $ 90,600 to overtake Spain and Italy for the M1 money supply record.
Bitcoin is currently trading above $ 59,000 and PayPal recently announced the launch of cryptocurrency support for US customers. The largest cryptocurrency by market value has grown by more than 100% since the beginning of the year.