Thursday, 07 December 2017 06:26

Total bitcoin value exceeds cash in UK, Canada, Australia Featured

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The current value of the digital currency bitcoin is estimated at US$180 billion, exceeding the total cash in circulation in the UK and a number of other countries including Australia, it has been claimed.

The British comparison website SmallBusinessPrices.co.uk said the estimate was made at the current price of bitcoing which was US$10,765.

The UK had US$103 billion of cash in circulation, Canada had US$59 billion and Australia US$55 billion, the website said.

This made bitcoin the world's sixth most valuable currency based on the amount of cash in circulation.

The site said that while bitcoin was the only digital currency in the top 10, both bitcoin cash and ethereum were in the top 20, based on their current value.

Ian Wright, the founder of SmallBusinessPrices.co.uk said: “Bitcoin’s continued and dramatic price rise has received much press attention, but this research gives us insight into the sheer scale of the industry."

bitcoin cash chart

The data for  current digital currency prices and total market cap were taken from Coinmarketcap.com.

Other findings by the website were:

  • Currently 54% of the world’s population lives in countries with currencies in circulation worth less than the value of bitcoin.
  • If the price of bitcoin rises to $15,000 it will overtake the value of all Indian rupee banknotes and coins in circulation to become the fifth most valuable currency. Given its recent growth rate this could happen within the next month.
  • However, bitcoin’s price needs to increase to a staggering US$72,300 to overtake the Euro and become the second most valued currency.
  • To beat the US dollar, in terms of circulation value, it would need to increase in price to at least US$85,160.
  • At a price of US$458.82 the total market cap of ethereum stands at US$44 billion, making it the 17th most valuable currency, worth more than the value of all banknotes and coins in circulation of countries such as Turkey (US$36 billion) and Singapore (US$27 billion).
  • Bitcoin cash’s current price of $1,425.21 gives it a market cap of US$24 billion, making it the 20th most valuable currency, worth more than all Swedish Krona (US$9 billion) or South African rand (US$6 billion) banknotes and coins.
  • Ripple just missed the top 20 with a value of US$10 billion, but was ahead of krona or rand.

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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