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Bitcoin
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== Market == === Total Addressable Market (TAM) === The TAM for Bitcoin is the global currency market. This includes all forms of money circulation worldwide — from fiat currencies held in banks and cash reserves to investments and digital transactions. This encompasses every potential user or entity that could theoretically adopt Bitcoin, either as a means of transaction, a store of value, or for investment purposes. It represents the maximum possible market opportunity for Bitcoin, assuming universal adoption and acceptance. The global currency market, including fiat money and investments, is vast. As of 2023, the total value of all the money in the world, including broad money (M3), which covers cash, bank deposits, and money market securities, was estimated to be in the range of approximately $100 trillion USD. Bitcoin's TAM, when considering the potential to replace or complement global currency usage, would thus be a fraction of this amount. As of July 2023, the total value of narrow money globally, which includes all physical money (notes and coins) and money deposited in savings and checking accounts worldwide, was approximately $40 trillion. This figure represents the M1 money supply, a classification of money that covers the most liquid forms of currency in circulation.<ref>https://www.rankred.com/how-much-money-is-there-in-the-world/#:~:text=As%20of%20July%202023%2C%20the,%E2%80%99</ref> === Serviceable Available Market (SAM) === The SAM narrows down to the global cryptocurrency market. This is the market segment that Bitcoin is actually equipped to serve and includes all individuals and entities currently engaged in or open to engaging with cryptocurrencies. This market is more specific to Bitcoin's capabilities and reflects the growing interest and acceptance of digital currencies for various uses, including remittances, investment, online transactions, and as a hedge against traditional currency fluctuations. The global cryptocurrency market is a subset of the broader currency market. As of 2023, the total market capitalisation of all cryptocurrencies was fluctuating around $1 trillion to $2 trillion USD. Bitcoin, being the largest cryptocurrency by market cap, dominates this space, but the SAM for Bitcoin would include the total market cap of all cryptocurrencies, considering that these users are potentially open to using Bitcoin. === Serviceable Obtainable Market (SOM) === The SOM further narrows down to the U.S. cryptocurrency market. This represents the segment of the SAM that Bitcoin can realistically expect to capture in the near to medium term. It takes into account factors such as Bitcoin's current market penetration in the U.S., regulatory environment, competition from other cryptocurrencies, technological advancements, and market trends within the United States. The U.S. market is particularly significant due to its substantial economic size, high level of technology adoption, and its influential role in global financial systems. Estimating the U.S. cryptocurrency market is more complex, as it would involve considering the proportion of the U.S. population or financial sector engaged in cryptocurrency usage. As a rough estimate, if we consider the U.S. as accounting for about 20-30% of the global cryptocurrency market (a broad assumption based on its economic size and level of investment in cryptocurrencies), the SOM for Bitcoin in the U.S. could be a proportion of the global market cap, roughly in the range of $200 billion to $600 billion USD.
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