You can now measure fiat market caps against Bitcoin

A new website called tracks the money supply of popular fiat currencies and measures the supply in terms of Bitcoins

The recently launched lets you imagine a future where Bitcoin is the de facto global store of value.

The new go-to tracker “monitors fiat currency market caps in BTC” using measures like the M2 or M3 money supply of nation-state currencies.

The different bands of money supply are typically classified as “Ms”. The “Ms” usually range from M0 (the narrowest) to M3 as the broadest classification of total money supply for fiat currencies.

What types of assets are classified into each band of money supply tend to differ according to different central banks, but to give an example, the Eurozone uses the following definitions:

  • M1: Currency in circulation + overnight deposits
  • M2: M1 + deposits with an agreed maturity up to two years + deposits redeemable at a period of notice up to three months
  • M3: M2 + repurchase agreements + money market fund (MMF) shares/units + debt securities up to two years


The new website’s “Fiat Currency” tab lists the market cap and price (in BTC) with the nominal amount of fiat currency in total circulation for 116 state-backed currencies. All the currencies have a “max supply” set as “unlimited” – except of course number 35 in the list (Bitcoin) which has a total supply of just 21 million BTC.

If you click on the “Countries” tab, you can again see a list of 140 currencies, but this time next to the market cap and circulating supply. You can also see the measure and date of the last money supply audit for each sovereign currency.

Who is at the top of the leaderboard?

Topping the leaderboard today is the Chinese yuan, with a market cap of just under 3 billion BTC, or around $27 trillion when priced in USD. Coming in at number two is the US dollar, which the website measures at a market cap of just over 1.6 billion BTC (or $14 trillion).

Today you can see that Bitcoin has the 35th biggest market cap on the site ($163 billion). When looking at the Countries tab, BTC is tracking all the way down in 47th place.

As Bitcoin’s market cap continues its ascent, it will be interesting to see how this fun experiment will continue to track Bitcoin’s rise against major fiat currencies – watch this space!

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