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bitcoin ruble currency Russian
Nexo Logo

Bitcoin Overtakes Russian Ruble, Inches Closer To Top Ten Global Currencies

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin
Reading Time: 3 mins read
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The leading cryptocurrency continues to absorb any and all capital in its path, causing its price and market cap to expand.  The recent uptrend and price appreciation in Bitcoin has caused the asset to outrank the Russian ruble in terms of total market cap.

Here’s why the cryptocurrency continuing to rise the global currency list by rank is so incredibly important to the asset’s future.

Bitcoin Beats Russian Ruble, Closes In On Global Reserve Currency

Despite the asset class having the word itself in its name, Bitcoin pundits and naysayers first line of defense is to point out that very few actually use the asset as a currency.

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The first ever cryptocurrency was designed as a peer-to-peer form of “digital cash,” but today it functions more so as “digital gold” instead. Rather than using Bitcoin for paying for goods and services, investors “hold” for the long-term, rarely spending it.

Related Reading | Running Bitcoin: Passing The Torch From Hal Finney To Jack Dorsey

Those that do spend it, end up regretting it later when price appreciates so much. But there’s nothing preventing Bitcoin and other crypto assets from being spent anywhere they’re accepted. And while that might be limited, far more merchants accepting crypto exists than those that’ll take physical gold bars.

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That’s why regardless of its current use, Bitcoin is still a currency at its core. And while the crypto asset is still a ways off from catching up to gold’s market cap, as a currency it is trouncing other national superpowers.

bitcoin Russian ruble global currencies

BTC beats RUB and closing in on CHF | Source: FiatMarketCap

The latest currency supply that Bitcoin has now overtaken in total value, is the Russian ruble. A cryptocurrency once worth nothing is now more valuable than all the supply of Russian-made money that exists globally.

What’s more significant, is Bitcoin’s proximity to the top ten currencies by global rank, and the fact it is creeping up right behind the Swiss franc (CHF). The franc is a global reserve currency, making it especially notable if the cryptocurrency passes it.

The argument that Bitcoin is not a currency not only won’t hold any weight, but it could be a sign that its well on its way to becoming the most dominant global reserve currency of all.

bitcoin market cap Russian ruble

BTC is closing in on $1 trillion market cap | Source: CRYPTOCAP-BTC on TradingView.com

After Switzerland, Bitcoin will face off with the Brazilian real and Taiwan dollar. Beyond there, lies the top ten currencies and the likes of the yen, yuan, and US dollar.

Related Reading | Bitcoin Price Closing Above This “Hurdle” Sends Bulls “Off To The Races”

What’s interesting about Bitcoin, is that although few are using it as a currency today, if volatility truly does dissipate through years of adoption, there’s no reason why users of the technology would turn to using it for the day to day transactions.

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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