Bitcoin is the 13th largest currency behind the Korean Won.

The world's original and most deeply capitalized cryptocurrency has grown rapidly. According to Bitcoin credit card company BOLD, Bitcoin recently made it to the top 15 of the world's top 15 currencies in December. It is the only crypto among the sovereign central bank currencies that make up the top 20 currencies in the world.

#Bitcoin is the 14th largest currency in the world. pic.twitter.com/PvKqvYAtjx

— Bold — ₿itcoin credit card (@BoldBitcoin) December 20, 2023

Bitcoin is the 13th largest currency in the world

Data from CEIC and blockchain intelligence company CoinGecko back that up, showing that Bitcoin's market capitalization was $732.5 billion on November 19.

Meanwhile, the next largest global currency is the Indian rupee, whose money supply (M1) was estimated at $693.1 billion in US dollars in November, CEIC data showed.

Bitcoin was behind Switzerland in November. The Swiss franc had a US$749.1 billion money supply (M1) last month, CIC data showed.

As bitcoin continued to rally ahead of December's ETF expectations, the world's original crypto overtook the Swiss franc and closed on South Korea's winning streak to reach a total market cap of $840 billion on Tuesday.

Interestingly, if the price of Bitcoin were $919,305 today, it would be $18 trillion more than the US dollar's M1 money supply, making it the world's largest currency.

As cryptocurrency investor Anthony Pompliano recently pointed out on CNBC's Squawk Box , Bitcoin only needs to match the market price of gold to trade at half a million per coin.

But there is still a long way to go. Bitcoin is currently more than half of the total market value of silver.

Are they cryptocurrencies?

American Association for the Advancement of Science “Are Cryptocurrencies?” He posed the question. A research paper published Dec. 22 in the journal Science says the answer is not yet:

“The introduction of digital currencies is perhaps the most important development in financial economics in the past decade. However, the role of a currency exchange is to serve as a place of exchange, and cryptocurrencies have yet to gain widespread acceptance.”

But in the year A Nov. 10 article in Geopolitical Monitor titled “Bitcoin and Global Hegemony” suggests that Bitcoin has potential as a major reserve currency.

“The introduction of stateless cryptocurrencies such as BTC will greatly contribute to the renewal or, at the very least, the growing diversification of the global financial system.”

Coinbase CEO Brian Armstrong said in early December that Bitcoin is not a threat to the US dollar, but instead could be the key to “expanding Western civilization” and protecting the US and its allies from dollarization.