How many countries’ legal currencies can buy all Bitcoins?

Bitcoin is currently valued at $66,500 and is on the verge of reaching its all-time high in U.S. dollars, which was $68,991.

This brings the total market cap of Bitcoin to $1.31 trillion, about $1 billion more than all the Swiss francs in circulation. In fact, if Bitcoin were a fiat currency, it would rank 13th in the world by market cap.

Bitcoin’s Global Purchasing Power

As of the time of this article’s publication, the number of Bitcoins in circulation is reported to be 19,644,462. Bitcoin’s technical limit is 21 million, but due to the way mining rewards are calculated, it is unlikely that 100% of it will ever be mined.

Predicting the future price of Bitcoin is impossible, but a quick look at the current price of Bitcoin hovering near its previous all-time highs provides a comprehensive understanding of Bitcoin’s global impact.

There was a time when 10,000 BTC could only buy a few pizzas. Today, one Bitcoin can buy nearly 1,000 shares of Papa John’s, the fourth-largest pizza chain by market value and the restaurant where Laszlo Hanyecz’s famous pizzas come from.

At current market value, a holder with 10,000 BTC in their portfolio would have approximately $666.4 million, technically more global purchasing power than 97 countries.

Source: CoinMarketCap

This means that there are only 12 fiat currencies in circulation that are sufficient to purchase all the available Bitcoins.

The Chinese Yuan leads the world with a market cap of 620,521,346 BTC, followed closely by the U.S. Dollar, whose circulating supply is worth 597,177,334 BTC.

Things have since quickly declined, with the total market value of the euro only worth about 242 million bitcoins.

Bitcoin Market Cap vs. Fiat Currency

To put it in perspective, there are currently about 2.7 trillion Icelandic kronor in circulation. This is only enough to buy about 80% of the world's existing Dogecoin supply. On the other hand, if Iceland wanted to pool all of its kronor into Bitcoin, it would only be able to lock up about 1.5% of the current total supply.

Going a step further, if the price of Bitcoin reaches $100,000 per coin, it will likely rank seventh to eighth on the list of fiat currencies with the highest market capitalization, between the Indian rupee and the Canadian dollar, based on current rankings.

At $1 million per coin, Bitcoin’s market cap would be just under $21 trillion. At this hypothetical threshold, Bitcoin’s cap would be higher than any other fiat currency except the Chinese yuan and the U.S. dollar.