Per the ranking, which appears to be derived from the code of an out-of-date CIA webpage and is hosted on Lopp’s personal website, M1 “is the total quantity of currency in circulation , plus demand deposits denominated in the national currency, held by non-bank financial institutions, state and local governments, nonfinancial public enterprises and the private sector of the economy.
Jameson Lopp Highlights Bitcoin’s Market Cap In Comparison To National M1 Money Supplies
