Bitcoin Is Now More Valuable Than The Russian Ruble
Bitcoin has surpassed the Russian Ruble following a series of world events that included a significant price rebound and a significant drop in the Russian fiat currency.
Bitcoin has made it to the major leagues of the global financial system, and geopolitical events are helping it.
After a stunning fall of the Russian Ruble to lows not seen in the previous 30 years, the most prominent cryptocurrency in the market managed to place itself above the Russian Ruble in the worldwide ranking of currencies with the highest capitalization.
Later, a simultaneous rebound of about 15% in Bitcoin’s price during the past 24 hours brought it above the capitalization of the Mexican peso and the Thai baht.
With this spike, Bitcoin has surpassed Saudi Arabia, Israel, and Sweden to become one of the top 15 most valued currencies.
The Swiss franc is the next competitor to beat, with an estimated capitalization of 29,021,260 BTC. Given that there are now roughly 18,971,018 BTC in circulation at the time of writing, a 52% increase (under normal conditions) would be necessary for Bitcoin to commemorate the acquisition of a new step on the world ladder.
When the market valuation of the world’s top firms and commodities is compared to Bitcoin, the cryptocurrency has already overtaken the total market capitalization of all palladium in the world. It is the world’s tenth most valuable asset, exceeding Meta, Berkshire Hathaway, Visa, Mastercard, JP Morgan Chase, and the SPDR S&P 500 ETF Trust.
Above Bitcoin is the electric vehicle manufacturer Tesla – which, incidentally, has enormous sums of money invested in BTC – followed by silver as the commodity to beat with a valuation of more than $1.3 trillion.
For those interested, the whole crypto industry is currently ranked #5 on the list, with a total value of $1.9 trillion. Gold is the indisputable king, with a market valuation of $12.1 trillion.
The cryptocurrency community, which was quick to catch up on the story, did not go ignored by the flipping.
In general, the crypto community has chosen sides, speaking out and acting in support of Ukraine, thus the overall attitude was positive, almost like a “take that, Russia” vibe.
However, just as Ukraine has profited, Russia may as well, and the Ukrainian government has advocated for restriction of Russian user wallets as a pressure mechanism.
However, Bitcoin is a neutral currency, and Bitcoin trade has increased among Russians who are hedging against the depreciation of their own currency.
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