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Believe it or not, the smallest denomination of Bitcoin is already worth more than quite a few national currencies. This is despite the fact that Bitcoinâs price is approximately 40% below its all-time high.
1 Satoshi Is Worth More Than These Fiat Currencies
The debate regarding Bitcoinâs intrinsic value has been going on for quite a while. Regardless of which side youâre on, popular cryptocurrency trader Rhythm has brought up a rather interesting point.Â
He points out that the smallest denomination of Bitcoin, one Satoshi, is now worth more than some national currencies.Â
At the time of his tweet, 0.00000001 BTC was worth more than:
- 1 Iranian rial
- 1 Vietnamese dong
- 1 Indonesian rupiah
- 1 Guinean franc
- 1 Sierra Leonean leone
- 1 Laotian kip
- 1 Uzbekistani som
The last few days have been nothing but interesting for Bitcoin. The cryptocurrencyâs price jumped from $9,800 to around $14,000, only to drop violently again to about $10,800. However, since the correction, Bitcoin is seemingly recovering, marking a 2% gain over the past 24 hours. The cryptocurrency is now trading at around $12,000 and holds a market cap of around $215 billion.Â
Bitcoinâs Bigger Than Canadaâs Base Money
In the same vein, another interesting chart was recently published examining the monetary bases of various countries throughout the world.Â
Global Base Money UPDATE: @$8,940, #bitcoin is larger than South Koreaâs monetary base (2019 Q1 won value). This means Bitcoinâs monetary system is now the *9th* largest currency in the world, #11 if you count gold & silver. Full update will follow in CV 2019 Q2 update. pic.twitter.com/uOurAwuTzm
â Crypto Voices (@crypto_voices) June 18, 2019
As it turns out, the countries with the biggest monetary bases are Japan, China, the United States, the United Kingdom, Switzerland, India, Russia, and the nations comprising the Eurozone. This is where Bitcoin steps into the picture with its current $215 billion market cap.Â
That makes Bitcoin bigger than the monetary bases of countries such as Canada, Brazil, Australia, Mexico, and Sweden.
However, itâs important to note that a countryâs monetary base is measured in terms of the overall amount of currency in circulation or which is held in commercial deposits in its central bank. Consequently, it excludes the countryâs gold reserves.Â
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.