Bitcoin already overtakes 23 countries in 2020 alone
BTC & M1 money supply arms race: Bitcoin already overtakes 23 countries in 2020 alone
The year 2020 will go down in history for a number of reasons. While the pandemic took centre stage, the emergence of Bitcoin, stimulus money and the unprecedented printing of fiat money were economically crucial issues.
The inflating effect of national currencies being printed to offset the impact of the pandemic led to an exponential expansion of the Bitcoin Code global M1 money supply. Despite this, Bitcoin’s rank in the overall M1 money supply has risen significantly – from 34th to 13th behind Taiwan, Switzerland and Canada.
But why is this figure so important for the future of the very first cryptocurrency?
Bitcoin’s unprecedented rise
Out of the destruction of past pandemics and economic collapses have come some of the greatest changes known to mankind. Often, these major life events bring about the emergence of technologies that change the world forever.
The same could happen in 2020: The world seems to have woken up to the fact that governments are mishandling monetary policy – while also realising that Bitcoin is the hardest form of money yet.
Each new round of stimulus money has sent the M1 money supply soaring around the world. In the US alone, the M1 money supply has increased from 4 trillion to nearly 7 trillion in 2020.
The M1 money supply reflects all currencies and coins in circulation as well as all overnight deposits. The US tops the list as its dollar remains the global reserve currency, but the fact that Bitcoin jumped a total of 21 ranks in 2020 alone – even as other countries also print money – shows that the cryptocurrency will soon be hot on the heels of the greenback.