Another day of gains for Bitcoin (BTC) has seen the price of the largest cryptocurrency by market capitalization go beyond the $1.1 trillion mark — $1.105 trillion to be precise.
At the present figure, Bitcoin’s market capitalization is also greater than the M1 money supply of the Australian dollar, which currently stands at $1.079 trillion.
By exceeding Australia and Canada, Bitcoin's market capitalization is once again large enough to make BTC appear in the top 10 “stock of narrow money” rankings.
M1, or narrow money, refers to the total supply of physical currency in circulation as well as traveler's checks and other forms of demand deposits held by non-banking institutions, public firms and private sector organizations among others.
Bitcoin’s climb to the top 10 of the global M1 money supply charts offers yet another indication of the pace of BTC’s growth as a currency. Back in November 2017, Bitcoin was only ranked 32nd in terms of narrow money supply.
The BTC market capitalization surpassing Australia and Canada’s M1 money supply means the U.S. dollar value of every mined Bitcoin thus far is sufficient to replace the current currency circulation in either country, with a few Satoshis left over.
Spain and Italy are the only two nations above Bitcoin whose M1 money supply figures are below the $2 trillion mark.
At the current Bitcoin total supply of about 18.67 million BTC, the asset price will have to reach $90,600 to leapfrog both Spain and Italy on the M1 money supply log.
Bitcoin is currently trading above the $59,000 mark, with PayPal recently announcing the launch of crypto payment support for U.S. customers. The largest crypto by market capitalization is up more than 100% year-to-date.