Tech
How much of the money is in Bitcoin?
How much is Bitcoin worth?
On April 10, 2024, one bitcoin was worth more than $70,000 (at the time of writing its price was $70,665). More than 19.68 million bitcoins were in circulation, with a total value of more than $1.39 trillion. This is in stark contrast to the price and market capitalization of the previous year, when approximately 19.35 million bitcoins were in circulation with a market capitalization of $472 billion.
Key points
- One bitcoin was worth approximately $70,665 on April 10, 2024.
- All the world’s bitcoins were worth more than $1.39 trillion.
- Bitcoin’s combined value was equivalent to just 0.3% of the world’s money.
- Bitcoin was only worth about 7.6% of the world’s gold supply.
- All cryptocurrencies combined represent approximately 0.56% of the world’s money.
Bitcoin and the money supply
To get an idea of how much of the world’s money is expressed in bitcoin, we need to determine the total amount of money. As it turns out, this isn’t the easiest question to answer. Such a calculation could take into account dozens of wealth categories, including banknotes, precious metals, money market accounts and debt. Fortunately, Credit Suisse has already done the work: the bank’s latest calculations showed that global wealth stood at $454.4 trillion at the end of 2022.
Assuming the bank’s calculated total wealth growth rate remains the same in 2023, total global wealth would amount to around 469.8 trillion, leaving Bitcoin at around 0.3% of the estimated total value of wealth globally.
Market capitalization it is considered a controversial metric, especially when applied to cryptocurrencies. While it is a convenient way to evaluate the total value of an asset, it is highly subject to manipulation.
Bitcoin versus gold
How does Bitcoin compare to gold? After all, some people still consider gold to be the safest thing refuge resources. It is certainly the standard to which other currencies are to be compared. The US Geological Survey estimated that approximately 244,000 tons of gold had been discovered. There are 32,000 ounces of gold in one ton, and the price of gold per ounce was approximately $2,334.90 as of the market close on April 10, 2024. Therefore, the total value of all gold can be estimated as:
(244,000 tons of gold x 32,000 ounces per ton) x $2,334.90 per ounce = $18.23 trillion.
In total, the value of all Bitcoin amounted to approximately 7.6% of the value of all above-ground gold reserves.
Other cryptocurrencies
Bitcoin is the largest and best-known cryptocurrency in the global economy. However, he is not the only one. If we combine Bitcoin with Litecoin, Monero, Ethereum, and all other cryptocurrencies, the total value amounts to approximately $2.6 trillion (as of April 10, 2024). This was approximately 0.56% of the value of all money.
Warning
Bitcoin and other cryptocurrencies are highly volatile, illiquid and vulnerable slip and price handling. Before investing, make sure you understand the risks associated with virtual assets.
What percentage of all money is Bitcoin?
Bitcoin’s percentage of all money is much lower than you might expect. On April 10, 2024, the value of all bitcoins was 0.3% of all money.
What is the total amount of money invested in Bitcoin?
The combined value of all bitcoin on April 10, 2024 was approximately $1.39 trillion.
Is it worth having $100 in Bitcoin?
It depends on your outlook, your preferences and whether you like to speculate. One bitcoin was worth about $70,665 on April 10, 2024, a significant jump from 10 previous years. This trend may or may not continue in the future.
The bottom line
Bitcoin is a cryptocurrency, one of thousands of new digital or virtual currencies available globally. It can be used as a store of value, a way to exchange value, or as a speculative investment. Its value changes every day, sometimes hundreds of dollars or more, which changes the amount of global capital invested in it.
The comments, opinions and analyzes expressed on Investopedia are for online information purposes. Read ours warranty and exclusion of liability for more information. As of the date this article was written, the author does not own bitcoin.