Bitcoin Now Reported As the 5th Largest Currency in the World
According to the highly reputable Crypto Potato, bitcoin is now the 5th most used monetary supply in the world.
Bitcoin is sitting at almost a trillion dollars in used monetary supply, trailing only the currencies of the United States, the European Union, China, and Japan.
By the way, who would have guessed that Swiss Francs would be sixth on this list? Everybody knows there’s a lot of banking done in Switzerland, but wow.
And the British pound not in the top 10 is also strange to see.
Maybe we should check the math of Crypto Potato on this one, but they do make great charts.
This one showing the growth of Bitcoin is astonishing.
Bitcoin recently went over $44,800 for the first time as Tesla revealed it bought $1.5 billion in bitcoin.
That means Tesla, and its founder Elon Musk, have poured nearly 10% of the company’s cash holdings into bitcoin. Tesla said in a filing with the U.S. Securities and Exchange Commission filing it’s investment in digital currency and other “alternative reserve assets” may grow — so Tesla might buy even more bitcoin.
The question now is, what other companies are going to invest in bitcoin and hold it as an asset?
For those considering investing in Bitcoin, beware of the volatility! Bitcoin can jump to record highs, and then suddenly lose half it’s value before climbing again. That’s why the famous phrase with Bitcoin is HODL - hold on for dear life!
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