Bitcoin is more valuable than the rand: developer

 ·6 Nov 2017

A lead engineer at blockchain security company, BitGo, says that cryptocurrency Bitcoin, is currently ranked 32nd most valuable currency globally, ahead of the rand.

Jameson Lopp said he created a clone of the global M1 index, a metric for the money supply of a country which includes physical money — both paper and coin — as well as checking accounts, to assess Bitcoin’s ranking among the world’s most widely used currencies.

Bitcoin has seen its price achieve fresh all-time highs in recent days, passing $7,500 over the weekend, up by more than 650% this year.

The digital currency got new impetus last week after CME Group, the world’s largest exchange owner, said it plans to introduce bitcoin futures by the end of the year, citing pent-up demand from clients.

The move will give the software-created asset some regulatory cover, which is expected to attract more buyers.

Lopp’s clone of the global M1 index ranks Bitcoin as the 32nd most valuable currency globally, with a market valuation of over $122 billion.

This puts the digital currency ahead of the rand, which is ranked 34th with a market valuation of just over $117 billion.

China leads the way in terms of money supply – with more than $7 trillion in circulation, followed by the European Union ($6.6 trillion), and Japan with $5.7 trillion. The US is fourth with $3.25 trillion, while Germany has the is fifth largest money supply.

Narrow money, as mentioned in the index, is a category of money supply that includes all physical money like coins and currency along with demand deposits and other liquid assets held by the central bank.

Read: Bitcoin surges past $7,000

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