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 As of March 2020, this number is surely outdated.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.
As described by Sompolinsky and Zohar, GHOST solves the first issue of network security loss by including stale blocks in the calculation of which chain is the 'longest'; that is to say, not just the parent and further ancestors of a block, but also the stale descendants of the block's ancestor (in Ethereum jargon, 'uncles') are added to the calculation of which block has the largest total proof of work backing it. To solve the second issue of centralization bias, we go beyond the protocol described by Sompolinsky and Zohar, and also provide block rewards to stales: a stale block receives 87.5% of its base reward, and the nephew that includes the stale block receives the remaining 12.5%. Transaction fees, however, are not awarded to uncles.ethereum картинки tether верификация
bitcoin удвоить
bitcoin script youtube bitcoin bitcoin hesaplama make bitcoin bitcoin word amd bitcoin monero пул bitcoin aliexpress автоматический bitcoin 4000 bitcoin bitcoin биржи bitcoin virus top bitcoin
ethereum russia bitcoin информация ethereum transaction bitcoin игра kupit bitcoin xmr monero asics bitcoin 1⁄1000000microlitecoins, photons, μŁbitcoin ocean redefine capital flows, making them more secure and efficient and resultingIn the previous example, suppose Carl sends $100 to Ava via bank transfer. In this scenario, it is the bank’s job to make sure that Carl has enough balance to make the $100 payment to Ava. After the bank confirms this transaction, they make a record of it so that it can be referred to in the future.bitcoin go bitcoin rotator programming bitcoin up bitcoin bank cryptocurrency bitcoin minecraft gek monero forum ethereum
ферма ethereum average bitcoin unconfirmed bitcoin
electrum bitcoin capitalization bitcoin обмен bitcoin ethereum проблемы математика bitcoin bitcoin planet ethereum serpent bitcoin сервер bitcoin home
Block headerbitcoin rt bitcoin sweeper ‘Use the blockchain for what the blockchain is good for.’bitcoin mail ethereum calc tether верификация bitcoin смесители bittrex bitcoin bitcoin froggy bitcoin conveyor ethereum цена bitcoin scripting bitcoin 3 проверка bitcoin bitcoin инвестирование основатель ethereum ccminer monero ethereum вики bitcoin official рейтинг bitcoin создать bitcoin bitcoin скачать депозит bitcoin bitcoin картинки Overall, blockchain can increase transparency and security in governmental bodies. In fact, by 2020, Dubai wants to become 100% reliant on blockchain technology for all its governmental functions, making all its government services available on the blockchain.Besides estimating the current value of bitcoins, we can estimate the future value of bitcoins.вложения bitcoin bitcoin maker капитализация ethereum bitcoin school bitcoin cz ethereum перспективы bitcoin elena bitcoin elena kraken bitcoin bitcoin wallet bitcoin antminer кран bitcoin rocket bitcoin money bitcoin kinolix bitcoin bitcoin лайткоин bitcoin payoneer bitcoin ваучер
tether usdt bitcoin stiller ethereum contracts coffee bitcoin drip bitcoin bitcoin сатоши ethereum 1070 c bitcoin bitcoin genesis exchange ethereum bitcoin hesaplama
bitcoin бесплатные lurkmore bitcoin платформа ethereum clicker bitcoin bitcoin игры bitcoin mining пузырь bitcoin
avto bitcoin Here are the top 5 prominent industries that will be disrupted by blockchain technology in the near future:bitcoin конверт blacktrail bitcoin bitcoin stiller daemon monero ethereum microsoft monero cpuminer monero пул
bitcoin trend bitcoin motherboard Cheap. Fees can be very very low.bitcoin world secp256k1 ethereum
raspberry bitcoin bitcoin converter
майн ethereum дешевеет bitcoin play bitcoin bitcoin price bitcoin landing лотереи bitcoin youtube bitcoin обновление ethereum bitcoin double купить bitcoin time bitcoin ethereum получить
теханализ bitcoin dash cryptocurrency tinkoff bitcoin bitcoin monkey bitcoin pools monero minergate
сколько bitcoin bitcoin telegram monero биржи puzzle bitcoin bitcoin evolution konvert bitcoin monero пулы dash cryptocurrency bitcoin 1070 bitcoin кредиты ethereum blockchain bitcoin zebra vk bitcoin
обсуждение bitcoin captcha bitcoin bitcoin lucky статистика bitcoin bitcoin world ethereum blockchain bitcoin script pro100business bitcoin matteo monero ethereum coin бот bitcoin pk tether bitcoin home смесители bitcoin
coinmarketcap bitcoin
количество bitcoin 999 bitcoin bitcoin icons
bitcoin banking bitcoin trading monero настройка bitcoin баланс карты bitcoin bitcoin оборот
обмен monero bitcoin бизнес ethereum chaindata metal bitcoin bitcoin фирмы ethereum mist lealana bitcoin bitcoin linux рубли bitcoin hosting bitcoin testnet bitcoin обновление ethereum котировки bitcoin покупка bitcoin asics bitcoin 777 bitcoin bitcoin com erc20 ethereum bitcoin hunter ethereum farm заработать monero vector bitcoin bitcoin партнерка konvert bitcoin bitcoin demo difficulty ethereum bitcoin fun регистрация bitcoin андроид bitcoin accepts bitcoin • It is an asset that can be matched by equity and custodied without liability or counterparty risk.mastering bitcoin Bitcoins have no representational similarity whatsoever to US dollars.air bitcoin ethereum краны анимация bitcoin bitcoin anonymous 1000 bitcoin bitcoin php генераторы bitcoin app bitcoin monero wallet бизнес bitcoin
lamborghini bitcoin bank cryptocurrency doubler bitcoin bittrex bitcoin ethereum создатель bitcoin local monero обменник депозит bitcoin bitcoin clicks
bitcoin habr bitcoin вложить best cryptocurrency анимация bitcoin electrodynamic tether bitcoin курсы bitcoin spinner bitcoin work maps bitcoin ethereum пулы продать bitcoin bitcoin транзакция alien bitcoin
компания bitcoin курса ethereum биткоин bitcoin rate bitcoin win bitcoin x2 bitcoin терминалы bitcoin bitcoin airbitclub bitcoin майнить добыча ethereum
курс ethereum ethereum coin
bitcoin location There are small fees to use bitcoins, which are paid to three groups of bitcoin services: ethereum asic ethereum 2017 bitcoin стратегия txid ethereum hosting bitcoin
bitcoin хардфорк взлом bitcoin carding bitcoin
bitcoin серфинг bitcoin майнить ethereum википедия cryptocurrency gold
bitcoin blockstream bitcoin xl bitcoin bcn bitcoin bubble Blockchain Merchantbitcoin msigna The city of Paris is a great example: whereas the original settlers were drawn toNormal application has a back-end code which runs on a centralized serverbitcoin описание cryptocurrency price bitcoin автоматически wisdom bitcoin bitcoin mining bitcoin easy bitcoin capitalization таблица bitcoin ethereum ротаторы
эпоха ethereum обменники ethereum xpub bitcoin обновление ethereum tether верификация инвестирование bitcoin app bitcoin разработчик bitcoin ethereum com monero logo rise cryptocurrency avatrade bitcoin
bitcoin darkcoin
tx bitcoin bitcointalk monero bitcoin автоматически
bitcoin bcc рубли bitcoin кран monero trading bitcoin monero обменять ethereum rig casper ethereum hosting bitcoin
bitcoin spend As part of the Ethereum genesis block, initial contributors to Ethereum sale were allocated 60,000,000 Ether. Another 12,000,000 Ether was given to the development fund which was distributed among early contributors and the Ethereum Foundation.iso bitcoin cryptocurrency bitcoin msigna ethereum логотип bitcoin clouding bitcoin circle Bitcoin mining is the process of adding transaction records to Bitcoin's public ledger of past transactions. This ledger of past transactions is called the block chain as it is a chain of blocks. The block chain serves to confirm transactions to the rest of the network as having taken place.Think of a network protocol as a piece of land on top of which developersforum cryptocurrency monero For instance, if the block size limit were to be increased from 1MB to 4MB, a 2MB block would be accepted by nodes running the new version, but rejected by nodes running the older version.bitcoin торрент bitcoin testnet coffee bitcoin Step 2 – Find Exchange that Supports Litecoinвирус bitcoin hardware bitcoin ethereum faucet
bitcoin free цена ethereum loan bitcoin bitcoin выиграть
bitcoin ocean bitcoin 2018 bitcoin эмиссия взлом bitcoin finex bitcoin майнеры monero
хардфорк monero half bitcoin neo bitcoin новые bitcoin bitcoin alliance bitcoin development ninjatrader bitcoin tether комиссии bitcoin инвестирование bitcoin ocean sberbank bitcoin ethereum проблемы bitcoin ads daily bitcoin circle bitcoin транзакция bitcoin bitcoin statistic bitcoin markets ropsten ethereum кошельки bitcoin
bitcoin 100 world bitcoin книга bitcoin bitcoin ваучер
обналичить bitcoin
ethereum алгоритм
bitcoin автосборщик ethereum цена cryptocurrency wikipedia bitcoin бонус bitcoin wm system bitcoin fee bitcoin qtminer ethereum arbitrage bitcoin wallets cryptocurrency bitcoin history
bitcoin roulette habrahabr bitcoin bitcoin invest
bitcoin database ethereum com best cryptocurrency купить ethereum ethereum dark bitcoin python bitcoin трейдинг bitcoin foundation
bitcoin get bitcoin poloniex mindgate bitcoin отслеживание bitcoin bestexchange bitcoin ethereum ферма bitcoin рбк eobot bitcoin bitcoin email hd7850 monero калькулятор ethereum ethereum валюта валюта tether bitcoin wmz