Recent studies indicate that Bitcoin has reached approximately 1.7% of the total global money supply, reflecting a growing role of digital currencies amid inflation.
Bitcoin Market Share Data
According to River, Bitcoin now accounts for 1.7% of global money. This figure includes the aggregate M2 money supply of major currencies and the market capitalization of gold.
Response to Jerome Powell's Speech
The speech by U.S. Federal Reserve Chair Jerome Powell at the Jackson Hole Economic Symposium has stabilized commodity markets. Following this speech, Bitcoin's price surged by over 2%, reaching around $116,000.
Investor Expectations on Interest Rates
75% of investors expect a 25 basis point rate cut in September 2023. This expectation supports the interest in digital assets, as they tend to appreciate during periods of monetary expansion.
Interest in Bitcoin and other cryptocurrencies continues to grow, particularly in light of inflation and anticipated interest rate cuts, underscoring their rising role in the financial system.
