Fiat Market Cap: Top Fiat Currencies by Market Capitalization in BTC
Fiat Market Cap is an interesting website that tracks Bitcoin’s rise against major fiat currencies. Imagine a future where Bitcoin is the approved global store of value. How much Satoshis (Sats) would you need for an overseas holiday?
On the website, fiat currencies are ranked according to their market sizes with Chinese Yuan (CNY) as the highest-ranking fiat currency. According to the website, the CNY is worth more than 2.8 billion worth of BTC. It’s followed by USD and EUR in the third place.
The Usual Thing in Reverse
The website simply displays the usual thing the other way round. In the crypto space, we’re used to seeing the value of crypto in fiat. Here’s the reverse—the value of fiat currencies in Bitcoin. The creator of the website, perhaps imagined that one day Bitcoin will take over fiat as the global store of value.
It’s interesting to see how fiat ‘coins’ rank. For instance, more than 30 fiat currencies, each have more market cap than all the Bitcoin in existence.
Fiat Currencies with the Lowest Value
Take for instance the Paraguayan Guarani (PYG). This fiat currency has one of the lowest values. One PYG is equivalent to one Satoshi or $0.00016 US Dollar. This implies that one would need up to 100 million PYG to buy one Bitcoin according to the current price.
The second one is the Laotian KIP (LAK). The domestic currency of the Laos region, though slightly more valuable than the PYG, is simply in the same category. One KIP is equivalent to $0.00011 US Dollar or one Satoshi.
Overall, fiatmarketcap is a great revelation to anyone who thinks fiat is better. All the same, many questions still arise how the creator of the website came up with the numbers using simply M1 or M2.