> To put it another way, no one would reasonably talk about something like the "market cap of the Euro"[0], so why would you do that for something else claimed

> To put it another way, no one would reasonably talk about something like the "market cap of the Euro"[0], so why would you do that for something else claimed to be a currency? Oh, but they do: https://www.dailysabah.com/finance/2017/12/06/bitcoin-renews-all-time-high-surpasses-ruble-and-sterling-to-become-6th-largest-currency-by-circulation https://www.dailysabah.com/finance/2017/12/06/bitcoin-renews... And while Market Cap may be on its surface misleading, its mere semantics, and is really in reference to what you've described; its just that as you said, its a currency and itself cannot have a strict Market-Cap but its a succinct way to describe the totality of its valuation for all issued satoshi's--which again, is misleading because of the 21 Million, its likely several million are lost forever.