At the current price per unit, the market valuation of the decentralized cryptocurrency Bitcoin has surpassed the overall value of the International Monetary Fund’s (IMF) Special Drawing Rights market ($ 281 billion). ). Since the global market boom on March 12, bitcoin has surged by more than 323% since its low of $ 3,600 in crypto assets in 2020.
The price of bitcoin has risen a lot in 2020. Especially after the global market crash that wiped out nearly every commodity and stock in the sun. Even then, the price of bitcoin (BTC) struggled in mid-March, when the price dropped as low as $ 3,600 on ‘Black Thursday’.
At press time, with over 18.5 million BTC in circulation today, the market cap of crypto assets is greater than the Special Drawing Rights (SDR) market run by the International Monetary Fund (IMF). create.
Bitcoin’s market valuation is currently hovering over $ 285.5 billion, and data from IMF shows 204.2 billion SDR (roughly $ 281 billion) allocated to members. The SDR is considered a global reserve asset and it is developed to become a supplementary international reserve asset.
The SDR derives its value from a basket of five different fiat currencies including; British Pound, US Dollar, Euro, Japanese Yen and Chinese Yuan.
Of course, with a value of more than 1/4 trillion US dollars, BTC’s market cap has a long way to go to catch up with the multi-trillion dollar market cap of gold. At the time of publication, gold’s market valuation was around $ 9 trillion.
The entire BTC market cap needs to grow by more than 3,500% from its current market valuation of $ 285 billion. However, in October 2010, the price of one bitcoin was around $ 0.12 per coin and the value has increased by more than 12.7 million percent since then.
Bitcoin’s market cap overtook the IMF’s Special Drawing Rights market in 2017. But the price fell and bitcoin witnessed a three-year long period that many traders consider a bear market.
No one is sure how long it will stay on the IMF’s SDR for this time period but many traders and analysts expect the BTC price to be much higher from here. Meanwhile, the entire crypto market capitalization of all more than 7,000 digital assets is nearing the half a trillion mark ($ 426 billion). Bitcoin (BTC) is currently swapping for $ 15,613 per coin at 6:00 p.m. EST on Thursday evening.
What do you think about bitcoin (BTC) surpassing IMF Special Drawing Rights market valuation? Let us know what you think about this topic in the comments below.
Image credit: Shutterstock, Pixabay, Wiki Commons