| This comment is old but I'm commenting to respond and for future reference. The adjacent concept is called "money supply" [0] which is, as far as I can tell, the equivalent of "market capitalization" but for currencies. Specifically, for US dollars, the "M2" money supply looks to be around $25 trillion [1]. I don't like that Bitcoin with the language used to describe stocks and bonds but whether Bitcoin enthusiasts use that language, it's certainly being adopted by the public, so we're kind of stuck with it. Had you been more generous in your reading, you could have filled in "money supply" for Bitcoin, which currently stands at just under $400 billion (~19.2 million bitcoin @ ~$20k/btc). The generous conversion interpretation of the US dollar "market cap" (aka "money supply") is $25 trillion. People can and do talk about the US dollars "market cap", they just call it something else ("money supply"). People also buy and sell currencies, very similarly to stocks, via foreign exchange markets. [0] https://en.wikipedia.org/wiki/Money_supply [1] https://ycharts.com/indicators/us_m2_money_supply#:~:text=US.... |