Bitcoin (BTC<\/a>) grew to account for about 1.7% of global money, a figure that includes aggregate M2 money supply data for all major fiat currencies, the largest minor currencies, and gold\u2019s market cap, according to River, a Bitcoin financial services company.<\/p>\n \u201cIn 16 years, Bitcoin went up to 1.7% of global money,\u201d River said<\/a>. The company weighed Bitcoin\u2019s market cap against a $112.9 trillion basket of fiat currencies and $25.1 trillion in hard money, which excluded silver, platinum, and exotic metals like palladium.<\/p>\n The data assumes Bitcoin has a market capitalization of $2.4 trillion, which it topped earlier in August<\/a>. However, BTC\u2019s current market cap is approximately $2.29 trillion, which brings its total share of global money down to around 1.66% at the time of this writing.<\/p>\n Bitcoin and gold continue to claim a greater share of the global money pie as central banks around the world inflate their fiat currencies<\/a> through excessive money printing, destroying purchasing power and driving investors to hard money alternatives.<\/p>\n Related: <\/strong><\/em>Crypto sentiment returns to Greed as Bitcoin and Ether spike on Fed speech<\/strong><\/em><\/a><\/p>\n United States Federal Reserve chairman Jerome Powell delivered<\/a> a keynote address at the Jackson Hole Economic Symposium in Wyoming on Friday, signaling impending interest rate cuts and continued monetary expansion<\/a>. Powell said:<\/p>\n \u201cOur policy rate is now 100 basis points (BPS) closer to neutral than it was a year ago, and the stability of the unemployment rate and other labor market measures allows us to proceed carefully as we consider changes to our policy stance.\u201d<\/p><\/blockquote>\n The price of Bitcoin surged by over 2%<\/a> in response to Powell\u2019s speech, hitting a price of about $116,000 per BTC on Friday.<\/p>\n Bitcoin and other cryptocurrencies tend to appreciate during periods of monetary expansion, as the price of digital assets continues to correlate with global liquidity levels<\/a>.<\/p>\n 75% of investors now anticipate an interest rate cut of 25 basis points in September, according to data<\/a> from the Chicago Mercantile Exchange (CME) Group.<\/p>\nUS Federal Reserve chair signals coming rate cuts and continued monetary expansion<\/h2>\n