Bitcoin is enjoying mass popularity in recent times, and it is indeed one of the hottest selling digital assets right now. As the world begins to talk more inclusively and elaborately about Bitcoin, the cryptocurrency is gaining mainstream status off-late.
Bitcoin overtakes Russian Ruble in terms of market cap after the BTC price surged post-Tesla investment.
Bitcoin Racing Towards Becoming Top Ten Global Currency
The largest cryptocurrency of the world surpassed Russian Ruble in terms of market capitalization and is fast making its way to find a spot in the world’s top 10 currencies. Asset Dash report shows that the Market Cap of Bitcoin is $871 billion while that of Russian Ruble is $791.1 Billion.
2020 was an unusual year which posed unanticipated challenges in front of the world. While economies suffered massive losses due to long-lasting shutdowns and travel restrictions, physical transactions became impossible, and businesses were on the verge of shutdown. In such a despicable situation, digital economies and online payments came as a harbinger of relief and helped keep businesses running. In the recession, hit economies governments are trying to influx additional cash in markets by printing extra currency, decreasing the value of fiat currencies. Bitcoin and other crypto act as a hedge against inflation. High-value institutions and substantial entrepreneurs have now started to diversify their investments and are paying attention to Bitcoin. The price of Bitcoin token is trading above $40,000 amid few fluctuations. The Fiat Market Cap data shows the various fiat by market cap in BTC. Bitcoin sits above Ruble at 14th spot.
Even though Bitcoin and cryptocurrency struggle to find wide acceptance due to regulatory compliance issues and lack of understanding among traditional investors, it’s time that people have started taking it much more seriously than ever. With tech behemoths like Tesla investing heavily on Bitcoin, it is evident that the crypto can be a significant market contributor in mainstream markets. Recently PayPal announced support for Bitcoin on its platform, allowing merchants to accept Bitcoin and other cryptos. Visa also showed interest in integrating cryptos in its platform. A lot of industries are largely adopting Bitcoin as a payment method. MicroStrategy, Galaxy, Grayscale are few prominent names who have adopted Bitcoin as a treasury asset reserve. It is not very unlikely that Bitcoin can replace USD as a global reserve currency in the future. Russian Ruble has been overtaken by Bitcoin in terms of market cap. Bitcoin is behind the most popular Swiss Franc on the list.
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