Bitcoin is in the big leagues of the global financial system and geopolitical events play in its favor.
The most important cryptocurrency in the market managed to position itself above the Russian Ruble in the world ranking of currencies with the highest capitalization, after a resounding collapse of the Russian Ruble to lows not seen in the last 30 years.
Russian ruble vs US dollar. Image: business view
A simultaneous recovery of almost 15% in the price of Bitcoin during the last 24 hours subsequently pushed it above the capitalization of the Mexican peso and the Thai baht.
BTC is slowly climbing the financial ladder
With this rise, Bitcoin enters the top 15 most valuable coins, surpassing countries like Saudi Arabia, Israel, and Sweden.
The next rival to beat is the Swiss franc, with an approximate capitalization of 29,021,260 BTC. Considering that the current BTC in circulation is approximately 18,971,018 tokens at the time of writing, a 52% increase (under ceteris paribus conditions) would be required for Bitcoin to celebrate capturing a new step on the global scale.
If Bitcoin is compared to the market capitalization of the world’s largest companies and commodities, the cryptocurrency has already surpassed the total market capitalization of all palladium in the world. It is the ninth most valuable asset in the world, surpassing Meta, Berkshire Hathaway, Visa, Mastercard, JP Morgan Chase and the world’s largest ETF – SPDR S&P 500 ETF Trust.
Above Bitcoin is electric car manufacturer Tesla, which by the way has huge amounts of money invested in BTC, and then silver as the commodity to beat with a capitalization of over $1.3 trillion.
For those curious, right now the entire crypto market would be ranked #5 on the list with a combined value of $1.9 trillion. Gold is the undisputed king with a capitalization of 12.1 trillion dollars.
How the war between Russia and Ukraine is affecting Bitcoin
The flipping has not gone unnoticed by the cryptocurrency community, who were quick to pick up on the news.
The crypto community has generally taken sides, speaking and acting in favor of Ukraine, so the general sentiment was positive, almost like a kind of “take that, Russia” vibe.
The Ukrainian government has disclosed a Bitcoin address to receive donations immediately and without danger of possible censorship. According to estimates, in cryptocurrencies alone, Ukraine has received $20 million in funds to finance the war.
But just as Ukraine has benefited, there is also the possibility that Russia will, and the Ukrainian government itself has called for the censorship of Russian users’ wallets as a means of pressure.
But Bitcoin is neutral, and Bitcoin trading has exploded with Russians hedging against devaluing their own currency.
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This post Bitcoin is now more valuable than the Russian ruble
was published first on https://cryptopotato.com/bitcoin-is-now-more-valuable-than-the-russian-ruble/