The following is a direct excerpt from Marty’s Bent Issue #1217: “Q1 Monetary Base update.” Sign up for the newsletter here.

Matthew Mežinskis has gifted us with another update to the global monetary base. As of the end of the first quarter of 2022, Bitcoin is the ninth largest base money in the world (including gold and silver). This is two points down from the third quarter of 2021, when Bitcoin was the seventh-largest base currency in the world and was trading at an all-time high. A stumble on the list shouldn’t come as a shock after a roughly 25% drop from this all-time high through the end of March 2021. If the price of bitcoin stays above $27,100 by June 30, 2022, the emerging asset should retain its spot at ninth place on these charts. If it falls below that price (as of May 20, 2022 when the report was published), the Australian cuckoo will take its place.

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