As of Thursday, Bitcoin (BTC) had eclipsed the Swiss Franc (CHF) as the world’s 13th largest currency in terms of market size, according to data from Fiatmarketcap.com. Bitcoin has only 12 international currencies left to surpass.
Fiatmarketcap.com analyzes currencies using the Bitcoin standard. It quantifies the world’s largest currencies in terms of market capitalization as valued in Bitcoin, the finest form of money ever developed but yet perceived as trailing in terms of use.
Additionally, the website utilizes BTC as a proxy for countries’ gross domestic product (GDP), placing Bitcoin in 18th place, as the world begins to recognize Bitcoin’s supremacy in practically every facet of a sound currency.
Bitcoin appeal grows over time
As time passes and bitcoin acceptance grows, it is expected to develop an established track record of performance, enhancing its attraction for use.
By immediately thinking in bitcoin terms, individuals can realign the incentives that influence their economic actions.
As monetary supply continues to expand endlessly, inflation and prices rise, resulting in a false image of economic reality based on feedback from free-market prices.
Bitcoin’s buying power remains intact
A Bitcoin standard has the potential to re-establish market players’ faith in the economy’s overall prices.
Due to the fact that one BTC cannot be debased by lax monetary policies managed by corruptible entities, its guarantees of keeping purchasing power enable a realignment of economic incentives.
People are discouraged from saving in the debt-based fiat system and are encouraged to borrow instead, never deferring the choice to spend now for later.
People in a Bitcoin economy would be less compelled to spend their money because they would be confident that their purchasing power would be conserved over time.
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