What do you do when you work at a blockchain security company and are a little bored? Create a clone of the global M1 index, of course!
Jameson Lopp, a lead engineer at BitGo, created the clone to see how where the cryptocurrency currently ranked in relation to the rest of the globe’s currencies.
The original index is a metric for the money supply of a country which includes physical money — both paper and coin — as well as checking accounts:
Narrow money, as mentioned in the index, is a category of money supply that includes all physical money like coins and currency along with demand deposits and other liquid assets held by the central bank.
Lopp used his version to assess Bitcoin’s ranking among the world’s most widely used currencies, reports Business Tech:
Bitcoin has seen its price achieve fresh all-time highs in recent days, passing $7,500 over the weekend, up by more than 650% this year.
The digital currency got new impetus last week after CME Group, the world’s largest exchange owner, said it plans to introduce bitcoin futures by the end of the year, citing pent-up demand from clients.
The move will give the software-created asset some regulatory cover, which is expected to attract more buyers.
Here’s a snapshot of the index, with bitcoin at 32 and the rand sitting at 34:
Check out the full index here. – whether you’re interested in bitcoin or not, it’s a super interesting read.
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If you need one more reason, here’s the current price of bitcoin in South Africa:
[source: businesstech]
