Don't look now freaks, but Bitcoin is now the sixth largest base money in the world ex-gold and silver, and the seventh largest base money in the world when the two base metals are included in the mix. It has been exactly 107 days since we last checked in on Bitcoin's ascent up the ladder of global base monies and the nascent digital currency birthed by the free market in early 2009 has climbed four spots. An astonishing jump in a relatively short period of time. As it stands today, only the Eurozone, Japan, the US, China, and the UK stand between bitcoin and its rightful spot on the throne as the largest base money on planet Earth.
According to calculations from the Crypto Voices team, if everything remained equal outside of Bitcoin, the upstart distributed P2P cash system would become the top dog at a price of $328,100 per bitcoin or more than $6.11T in total market cap. Looking around at the market today and how many individuals are coming to realize that Bitcoin is here to stay, the question that lingers in your Uncle Marty's mind is, "Damn, man. How fast is this going to happen?"
Like I've been saying in recent months, I think this is going to happen much faster than most people expect or realize. Most people are focused on the all time high in price per bitcoin at the moment as we break above $51,000. This is a great thing to see, for sure. However, the real signal is happening in the background with total market cap of the bitcoin that have been distributed to the market already. This report was posted last Friday and the Bitcoin network has already added an additional $63B in market cap. Currently sitting at $951B and approaching $1T at a break neck pace, it won't be surprising to me when the market adds multiple trillions in market cap in a span of time that is significantly shorter than it took to reach the first trillion.
You know what they say, "The first trillion is the hardest."
Significant progress has been made this month in regards to setting a clear path for Taproot activation. Above is a proposed timeline that was agreed upon during the latest IRC meeting on the subject. If all goes according to plan, miner signaling will begin on July 23rd (roughly, depending on how fast or slow blocks come in), and if 90% of hashrate signals over a 2,016 block period (1,815 out of 2,016 blocks) the software will be officially activated in the codebase. Game on!
Hate to see old bosses forsaking their legacy because of grudges.