The USD, EUR, CNY, JPY, and INR are the only world currencies with a larger money supply than Bitcoin, making Bitcoin the sixth largest global currency. This is pretty remarkable considering Bitcoin mined its first block in 2009 and the White Paper was released in 2008. At its peak market capitalization of close to $330 billion, Bitcoin was the fifth-largest world currency, but today sits at about $190 billion, a hair above the Russia Ruble (RUB) at $153 billion. According to the US Federal Reserve, the United States has over $1.95 trillion worth of physical bank notes and coins in circulation around the world and is why USA holds the "global reserve currency" in the eyes of the world.

Decrypt (Sept 3, 2020)