From Taiwan Dollar To Russian Ruble — Bitcoin Is Now Bigger Than These National Currencies

Bitcoin BTC/USD surpassed the New Taiwan Dollar to become the eighth-largest currency by market capitalization on Thursday.

What happened: The apex cryptocurrency came within touching distance of $112,000, as the record-breaking run showed no signs of slowing.

Thursday’s momentum powered Bitcoin to a market capitalization of $2.20 trillion, surpassing the national currencies of several major economies.

According to data sourced from AssetsMarketCap, Bitcoin ranked ahead of Taiwan’s national currency and the legal tender of Anglosphere states such as the Australian dollar and the Canadian dollar.

The world’s most valuable cryptocurrency also eclipsed the Russian ruble and was nearly three times the value of the Indian rupee.  

It is worth noting that these are among the world’s largest economies. India, for instance, has the fourth-largest GDP as of this writing, according to the International Monetary Fund data.

Currency	Market Capitalization
Bitcoin	$2.20 trillion
New Taiwan dollars	$2.17 trillion
Australian dollars	$2.02 trillion
Canadian dollars	$1.94 trillion
Russian Ruble	$1.46 trillion
Swiss Franc	$1.20 trillion
Indian Rupee	$760.74 billion

See Also: From Warren Buffett’s Berkshire Hathaway To Jeff Bezos’ Amazon — Bitcoin Is Now Outshining These Wall Street Titans

Still, Bitcoin has a long way to go before dethroning the U.S. dollar and the Chinese yuan, which have a market capitalization of $21.76 trillion and $45.15 trillion, respectively.

While Bitcoin is recognized as a digital currency, its use in mainstream transactions and investments is limited. As of this writing, El Salvador is the only country that has made Bitcoin legal tender.

Price Action:  At the time of writing, BTC was exchanging hands at $110,822.28, down 0.51% in the last 24 hours, according to data from Benzinga Pro.

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Photo Courtesy: Bukhta Yurii On Shutterstock