Bitcoin’s trading hours have surpassed those of the modern US fiat stock market since the Nixon Shock, but claims of it exceeding the entire history of US stock trading or fiat globally would be premature. A closer examination reveals a more nuanced picture of market longevity and trading activity.
The crypto community recently buzzed with a statistic highlighting how Bitcoin had accumulated more trading hours than the fiat stock market following an analysis by Cory Bates.
Bates identifies how Bitcoin trading has now surpassed the fiat stock market, but it’s important to remember that this does not mean the entire US stock market history. Still, it can be derived that Bitcoin trading is older than fiat trading in the US. It is not, however, older than fiat globally.
The earliest known use of fiat currency was in China during the Song Dynasty (960–1279 CE). The government issued paper money not backed by physical commodities like gold or silver. This currency was initially backed by the state’s credit and became widely accepted for trade and taxation.
Bitcoin trading hours vs US fiat stock market
Bitcoin, launched in 2009, has amassed 123,774 active trading hours since its first recorded trade on March 17, 2010. This surpasses the 100,737 hours logged by US equities markets since August 15, 1971 – the date of the Nixon Shock, which marked a significant shift in global financial systems through the removal of the gold standard.
However, the US stock market’s history extends far beyond 1971. The New York Stock Exchange, founded in 1792, has a legacy spanning over two centuries. When accounting for this entire history, the picture changes dramatically.
Calculations based on the NYSE’s founding date reveal approximately 380,509 active trading hours up to September 6, 2024. This figure dwarfs Bitcoin’s current tally despite the digital asset’s 24/7 trading schedule.
Bitcoin’s round-the-clock availability gives it a significant advantage in accumulating trading hours. The traditional stock market operates on a more limited schedule, typically 6.5 hours per day, five days a week, excluding holidays.
Given Bitcoin’s continuous trading, projections indicate it will take until around April 15, 2053, for the digital asset to truly surpass the total trading hours of the US stock market’s entire history. This assumes both markets continue operating under their current schedules…
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