Bitcoin (BTC) has grown to account for around 1.7% of global money, according to River, a Bitcoin Financial Services Company.
“In 16 years, Bitcoin has reached 1.7% of global money,” River said. The company compared Bitcoin’s market capitalization against a basket of $112.9 trillion in Fiat currency and $25.1 trillion in hard money.
Data assumes that Bitcoin’s market capitalization is $2.4 trillion, leading the way at the beginning of August. However, BTC’s current market capitalization is around $2.29 trillion, so at the time of this writing, its total global money share is around 1.66%.
Bitcoin and Gold continue to charge larger shares of the global money pie, as central banks around the world inflate Fiat currency through excessive money printing, destroying purchasing power and driving investors to hard money alternatives.
Related: Crypto Sentiment returns to greed as bitcoin and ether spikes in the Fed speech
The US Federal Reserve Chair’s signal is coming rate cuts and continuous financial expansion
US Federal Reserve Chair Jerome Powell gave a keynote address at the Jackson Hole Economic Symposium in Wyoming on Friday, signaling imminent interest rate cuts and continued financial expansion. Powell said:
“Our policy rate is now 100 basis points (BPS), which is closer to neutral than a year ago, and the stability of unemployment and other labor market measures allow us to proceed with caution when considering changes to our policy stance.”
Bitcoin prices surged more than 2% in response to Powell’s speech, reaching a price of around $116,000 per BTC on Friday.
As digital assets prices continue to correlate with global liquidity levels, Bitcoin and other cryptocurrencies tend to be valued during the period of financial expansion.
75% of investors expect interest rate cuts of 25 basis points in September, according to data from the Chicago Mercantile Exchange (CME) Group.
magazine: The baby boomer generation worth $79T is finally on board with Bitcoin
