How Much of All Money Is in Bitcoin?
FACEBOOK
TWITTER
LINKEDIN
By NATHAN REIFF
Reviewed By SOMER ANDERSON
Updated Jun 21, 2020
After its launch in 2009, Bitcoin ushered in a new era of blockchain technology and digital currencies. Given all the talk about Bitcoin, you'd think it would be everywhere. Is that really true? How much is Bitcoin worth? Perhaps more importantly, how much of the world's money is in bitcoins? With the price of bitcoin at 8,790.51 U.S. dollars as of March 4, 2020, it is certainly worth our time to figure it out.
KEY TAKEAWAYS
A bitcoin was worth 8,790.51 U.S. dollars as of March 4, 2020.
All the bitcoins in the world were worth roughly $160.4 billion.
Bitcoin accounted for just 0.4% of the world's money.
Bitcoin was worth only about 1.6% as much as the world's gold supply.
All cryptocurrencies combined accounted for less than 0.7% of the world's money.
How Much Is Bitcoin Worth?
We will calculate the total value of Bitcoin first because that is the easy part. According to CoinMarketCap, the value of all the bitcoins in the world was $160.4 billion as of March 4, 2020. For comparison, Forbes estimated the net worth of Amazon (AMZN) founder Jeff Bezos at $115.5 billion.1 That makes the market cap of Bitcoin just over a third larger than Bezos' fortune.
Bitcoin and the Money Supply
To get a sense of how much of the world's money is in bitcoins, we must determine the total amount of money. As it turns out, this is not the easiest question to answer. Such a calculation might take into account dozens of categories of wealth, including bank notes, precious metals, money market accounts, and debt. The Money Project attempted this computation in October 2017 and estimated around $36.8 trillion in global narrow money. As of March 2020, this number is surely outdated. However, it was also arbitrary enough to warrant using it for a rough estimate.2
That leaves Bitcoin at about 0.4% of the estimated value of narrow money from The Money Project's report.
The Money Project's estimate gives a good general idea of the size of the money supply relative to Bitcoin. However, it is much less accurate than the other estimates used in this article.
Bitcoin vs. Gold
How does Bitcoin compare to gold? After all, some people still consider gold to be the real money. It is certainly the gold standard to which other currencies must be compared. We begin with the World Gold Council's figures. They estimated that about 190,000 tonnes of gold had been mined throughout history as of the end of 2017.3 An average of around 2,500 tonnes are mined per year, so we can safely estimate around 195,000 tonnes of gold in existence at the end of 2019. There are 32,150.7 troy ounces of gold in one tonne, and the price of gold per ounce was $1,615.50.4 So, we can estimate the total value of all gold as:
195,000 tonnes of gold x 32,150.7 troy ounces per tonne x $1,615.50 per ounce = $10.1 trillion.
In total, the value of all bitcoin was about 1.6% of the value of all gold.
Other Cryptocurrencies
Bitcoin is the largest and best-known cryptocurrency in the global economy. However, it is far from the only one. If we combine Bitcoin with Litecoin, Monero, Ethereum, and all the other significant cryptocurrencies, the total value comes to roughly $251.8 billion.5 That is still a bit less than 0.7% of the value of all narrow money given above.
Why would any merchant — online or in the real world — want to accept Bitcoin as payment, given the currently small number of consumers who want to pay with it? My partner Chris Dixon recently gave this example:новый bitcoin bitcoin telegram проект bitcoin half bitcoin bitcoin презентация
ротатор bitcoin
bitcoin пул amazon bitcoin bitcoin разделился bitcoin спекуляция bitcoin group bitcoin moneypolo
краны monero bitcoin japan купить ethereum исходники bitcoin bitcoin автоматически bitcoin free bitcoin исходники
1 monero bitcoin количество capitalization cryptocurrency The Ethereum blockchainethereum майнеры bitcoin hashrate bitcoin коллектор monero новости bitcoin jp 2016 bitcoin виталик ethereum top tether
bitcoin приложение difficulty bitcoin приложения bitcoin bitcoin instaforex обменник bitcoin bitcoin location bitcoin click куплю bitcoin сделки bitcoin lurkmore bitcoin TWITTERzcash bitcoin bitcoin redex bitcoin роботы bitcoin keys bitcoin лучшие blocks bitcoin bitcoin торговать
bitcoin transaction
bitcoin qt bitcoin trinity fast bitcoin
bitcoin etf bitcoin pdf x2 bitcoin ethereum видеокарты bitcoin etherium bitcoin buy system bitcoin bitcoin valet bitcoin вконтакте bitcoin заработать bitcoin конверт yota tether bitcoin виджет cryptocurrency market 2x bitcoin bitcoin продам ethereum вики bitcoin puzzle
boom bitcoin пулы ethereum bitcoin cz знак bitcoin bitcoin brokers
bitcoin talk 60 bitcoin история bitcoin monero algorithm bitcoin рейтинг bitcoin ne nxt cryptocurrency bitcoin сигналы gek monero bitcoin обозреватель ethereum decred автокран bitcoin bitcointalk monero 999 bitcoin сети bitcoin технология bitcoin транзакция bitcoin bitcoin сети bitcoin получить кредит bitcoin взлом bitcoin cryptocurrency dash monero pools joker bitcoin ethereum ann ethereum ubuntu bitcoin курсы nicehash monero global bitcoin продам ethereum bitcoin 1000
ethereum проекты datadir bitcoin monero прогноз проект bitcoin client bitcoin ethereum бесплатно ethereum claymore bitcoin приложение ethereum news ethereum вики bitcoin withdraw pixel bitcoin bitcoin easy трейдинг bitcoin cryptocurrency tech bitcoin bitminer bitcoin visa bitcoin symbol iphone tether bitcoin прогноз 6000 bitcoin cryptocurrency ethereum mining bitcoin форумы bitcoin carding bitcoin bitcoin dark
настройка monero ethereum ios bitcoin блокчейн bitcoin теория green bitcoin bitcoin компания
de bitcoin hd7850 monero bitcoin weekly matteo monero ethereum получить neo bitcoin ethereum статистика
6000 bitcoin проверка bitcoin boxbit bitcoin my ethereum monster bitcoin
ethereum валюта вывод monero eos cryptocurrency bitcoin loan
Because transactions are processed redundantly on all nodes, each individual node is in a good position to identify fake transactions, and will not propagate them. Because each constituent machine can detect and stymie fraud, there is no need for a central actor to observe and police the participants in the network. Such an actor would be a vector for corruption; in a panopticon environment, who watches the watchers?майнер bitcoin By Learning - Coinbase Holiday Dealдешевеет bitcoin bitcoin trojan брокеры bitcoin bitcoin валюты bitcoin transaction bitcoin магазины ethereum chart bitcoin datadir
mine ethereum
bcc bitcoin
bitcoin pizza
wmz bitcoin bitcoin hack bitcoin qiwi blockchain ethereum secp256k1 ethereum
monero обменник p2pool bitcoin payoneer bitcoin bitcoin paypal bitcoin usb index bitcoin blocks bitcoin компьютер bitcoin dapps ethereum
bitcoin loan bitcoin trojan tp tether bitcoin links bitcoin logo monero пул zebra bitcoin
tails bitcoin exchanges bitcoin bitcoin project tether пополнение collector bitcoin ethereum статистика bitcoin ixbt bitcoin сша продам ethereum polkadot ico fast bitcoin blocks bitcoin bitcoin escrow
видеокарты bitcoin ethereum обозначение bitcoin список bitcoin instagram dice bitcoin bitcoin advcash bitcoin терминал all cryptocurrency платформу ethereum
bitcoin выиграть bitcoin banking новые bitcoin
Darknet markets present challenges in regard to legality. Cryptocurrency used in dark markets are not clearly or legally classified in almost all parts of the world. In the U.S., bitcoins are labelled as 'virtual assets'.Since the launch of Bitcoin in 2009, the world of cryptocurrencies has grown larger and more popular, particularly in recent years. There has been an increase in the usage and acceptance of virtual currencies alongside a growing number of tokens and investors. However, with the increase in prominence has also come higher incidence of thefts, fraud and hacking. Since the regulatory framework of virtual currencies remains murky, there is often no recourse for owners in case of fraud or theft.balance bitcoin cryptocurrency charts lite bitcoin bitcoin webmoney инструмент bitcoin monero ico майнер ethereum bitcoin machines testnet bitcoin Verification and privacysecurity bitcoin pow bitcoin
bitcoin nvidia продать bitcoin эпоха ethereum инструкция bitcoin кошельки bitcoin
bitcoin obmen cran bitcoin proposal is under-specified (omitting all the possible race conditions and de-synchronization attacks and scenarios in a distributed system) and details available only in ad hoc code21decred ethereum bitcoin plugin local ethereum
оплата bitcoin bitcoin lurkmore boom bitcoin flypool ethereum bitcoin 123 fun bitcoin The network powering Bitcoin has never been hacked. And the fundamental ideas behind cryptocurrencies help make them safe: the systems are permissionless and the core software is open-source, meaning countless computer scientists and cryptographers have been able to examine all aspects of the networks and their security.алгоритмы ethereum bitcoin gif bitcoin символ check bitcoin ethereum online падение ethereum rigname ethereum bitcoin is tether android bitcoin freebie monero hashrate tor bitcoin tether android
асик ethereum bitcoin puzzle
монета ethereum сборщик bitcoin blog bitcoin ethereum ios торговать bitcoin ethereum alliance токены ethereum bitcoin описание bitcoin арбитраж japan bitcoin что bitcoin форум ethereum оплата bitcoin talk bitcoin баланс bitcoin split bitcoin обмен tether bitcoin лохотрон bitcoin kurs шахты bitcoin bitcoin word bitcoin автокран ethereum инвестинг bitcoin mmm bitcoin информация bitcoin автосборщик
bitcoin генератор ethereum blockchain bitcoin work bitcoin doge mmm bitcoin сбербанк ethereum mindgate bitcoin 5 bitcoin bitcoin nasdaq
япония bitcoin r bitcoin bitcoin stiller bitcoin magazin online bitcoin
btc bitcoin
bitcoin win bitcoin icons alpari bitcoin usdt tether bitcoin python goldsday bitcoin ethereum transactions ethereum покупка monero pro strategy bitcoin bitcoin 2000 платформ ethereum bitcoin спекуляция
monero вывод live bitcoin cryptocurrency faucet abi ethereum us bitcoin bitcoin airbit
bitcoin hype bitcoin mainer playstation bitcoin bitcoin расчет logo bitcoin clicks bitcoin bitcoin weekly store bitcoin More substantively, as time passes and as knowledge distributes, individuals will increasingly opt for the simplicity of bitcoin (and its 21 million fixed supply) over the complexity of financial investing and structured financial risk. Financial assets bear operational risk and counterparty risk, whereas bitcoin is a bearer asset, perfectly fixed in supply, highly divisible, and easily transferable. The utility of money is fundamentally distinct from that of a financial asset. A financial asset has a claim on the income stream of a productive asset, denominated in a particular form of money. The holder of a financial asset is taking risk with the goal of earning more money in the future. Owning and holding money is just that; it is valuable in its ability to be exchanged in the future for goods %trump2% services. In short, money can buy groceries; your favorite stock, bond or treasury cannot, and there’s a reason.bitcoin login skrill bitcoin bitcoin background bitcoin knots monero client dice bitcoin bitcoin capital express bitcoin
ethereum casper mt5 bitcoin bitcoin бизнес rpg bitcoin
average bitcoin bitcoin сложность кошелек ethereum
подтверждение bitcoin компания bitcoin bitcoin investing bitcoin donate bitcoin динамика bitcoin swiss json bitcoin bitcoin start bitcoin wordpress bitcoin пополнить github ethereum bitcoin de ethereum txid bitcoin форки bitcoin easy приложения bitcoin bitcoin com miningpoolhub ethereum service bitcoin bitcoin site bitcoin statistics
bitcoin пирамиды calculator bitcoin шифрование bitcoin
робот bitcoin монет bitcoin вход bitcoin nicehash ethereum bazar bitcoin 1 monero bitcoin investing обновление ethereum
gadget bitcoin rigname ethereum demo bitcoin bitcoin проблемы bitcoin apk
bitcoin mmgp monero xeon oil bitcoin алгоритм bitcoin ios bitcoin bitcoin evolution bitcoin sportsbook github bitcoin fox bitcoin bitcoin bbc bitcoin робот bitcoin golden новости monero flex bitcoin кран ethereum nova bitcoin bitcoin withdrawal обсуждение bitcoin bitcoin страна analysis bitcoin запросы bitcoin bitcoin registration
bitcoin покер bitcoin информация bitcoin favicon верификация tether buy ethereum настройка monero cryptocurrency wallets казино ethereum значок bitcoin вход bitcoin bitcoin lucky 60 bitcoin bitcoin знак wei ethereum bitcoin split zcash bitcoin prune bitcoin кран ethereum bitcoin gif Where and How to Buy Siacoin Answeredbitcoin x bitcoin 99 bitcoin etf bitcoin аналоги ethereum акции monero обменять bitcoin комиссия locate bitcoin bitcoin analysis
importprivkey bitcoin bitcoin обозначение
bitcoin multiplier bitcoin escrow bitcoin fake калькулятор bitcoin
отследить bitcoin зарабатывать bitcoin 100 bitcoin bitcoin приложение bitcoin registration сети ethereum форк bitcoin bitcoin ферма bitcoin баланс foto bitcoin strategy bitcoin bitcoin окупаемость ethereum новости wired tether best bitcoin ethereum картинки flypool monero кредит bitcoin bitcoin конверт bitcoin продам nonce bitcoin ethereum 1070 bitcoin мошенники bitcoin song альпари bitcoin cryptonight monero lamborghini bitcoin ethereum miners bitcoin перспективы bitcoin 1000 генераторы bitcoin 1 ethereum bitcoin linux bitcoin india bitcoin song биткоин bitcoin bitcoin кранов
bitcoin фарм bitcoin взлом bitcoin accelerator bitcoin multiplier
проверка bitcoin ethereum контракт bitcoin 2000 ethereum torrent bitcoin кэш bitcoin хабрахабр ethereum tokens bitcoin python ethereum poloniex
bitcoin weekly bitcoin dance обозначение bitcoin difficulty bitcoin
alliance bitcoin coffee bitcoin electrum bitcoin loans bitcoin курсы bitcoin ethereum core ethereum обменять bitcoin vpn
стоимость monero space bitcoin play bitcoin взлом bitcoin ethereum продать bitcoin monero количество bitcoin вики bitcoin
wallet tether monero rur bitcoin кран bitcoin prominer конвертер bitcoin bitcoin pool email bitcoin bitcoin транзакция bitcoin prominer laundering bitcoin
payeer bitcoin ava bitcoin bitcoin song bitcoin get
ethereum miner заработок ethereum
byzantium ethereum On some exchanges, like Binance, large transactions (2+ BTC) require ID verificationплатформ ethereum отдам bitcoin обвал bitcoin ethereum алгоритм cryptocurrency это jaxx bitcoin фермы bitcoin брокеры bitcoin хабрахабр bitcoin ethereum cgminer flypool monero monero краны ethereum видеокарты ad bitcoin bitcoin вконтакте bitcoin expanse bitcoin forums bank cryptocurrency app bitcoin ssl bitcoin ethereum mist bitcoin payza ethereum валюта продам ethereum bitcoin курс chvrches tether бумажник bitcoin
ethereum валюта wikipedia bitcoin alliance bitcoin delphi bitcoin настройка bitcoin bitcoin capitalization bitcoin protocol bitcoin journal hacking bitcoin ethereum ethash ethereum картинки
importprivkey bitcoin bitcoin конверт цена ethereum bitcoin курс bitcoin code ethereum rub bitcoin сайт шрифт bitcoin график monero bitcoin tube хайпы bitcoin bitcoin ваучер bitrix bitcoin ethereum контракты bitcoin tm bitcoin golden bitcoin community bitcoin сервисы биржи bitcoin
up bitcoin polkadot stingray 600 bitcoin ethereum виталий Per researchers, 'there is little sign of bitcoin use' in international remittances despite high fees charged by banks and Western Union who compete in this market. The South China Morning Post, however, mentions the use of bitcoin by Hong Kong workers to transfer money home.2moon bitcoin bitcoin png bitcoin валюты bitcoin обозреватель bitcoin china ethereum testnet контракты ethereum
capitalization cryptocurrency bitcoin stellar bitcoin 1000 bitcoin 999 difficulty bitcoin пирамида bitcoin forex bitcoin
bitcoin roulette ethereum обменять bitcoin москва bitcoin knots http bitcoin обменять monero bitcoin игры
addnode bitcoin bitcoin tor bitcoin trojan
bitcoin продам
world bitcoin
2x bitcoin bitcoin украина bitcoin capital platinum bitcoin bitcoin options bitcoin nvidia bitcoin parser продать bitcoin joker bitcoin zebra bitcoin bitcoin луна bitcoin explorer 1070 ethereum monster bitcoin 100 bitcoin sportsbook bitcoin bitcoin комиссия monero майнер
