Bitcoin (BTC) is on an apparent run of its life that it has managed to once again surpass both Canada and Australia’s M1 money supply in terms of market capitalization. As per the data report of CEIC, BTC’s market cap reached as high as $1.105 trillion recently – a notch higher compared to Canada and Australia’s M1, which presently stands at $1.104 trillion and $1.079 trillion, respectively. Doing so, BTC has once again earned the right to appear in the highly-acclaimed “stock narrow money” top 10 rankings.
To those unfamiliar with M1 or narrow money, it refers to the current total supply of tangible circulating currency as well as traveler’s checks and supplementary forms of deposit demands possessed by any non-banking institution, public companies, private sector firms, and more.
As of press time, Italy and Spain’s M1 are now the only ones below the $2 trillion mark to even surpass BTC’s current market cap. Say that BTC wants to overtake the two aforementioned countries’ M1’s above it; its total supply of about 18.67 million BTCs would have to reach an average market price of $90,600. While such an achievement may look very far at first, it is worth noting that BTC is currently trading at about $59,000 and is seemingly still on its way up.