One of the world’s most renowned news outlets, CNBC, has placed a Bitcoin price tracker on its website. Users have promptly noted that the new addition has replaced a CAD tracker. Given that Bitcoin’s current supply is greater than that of the Canadian dollar, this probably doesn’t come as much of a surprise. However, could this be a sign of further adoption for the world’s largest cryptocurrency?
CNBC Adds a Bitcoin Tracker
Bitcoin continues to break new ground in traditional venues. A price tracker for the world’s largest cryptocurrency by market cap is now featured on the website of financial news network CNBC. It appears under the site’s Forex tab.
Other trackers visible to European visitors include EUR/USD, GBP/USD, EUR/GBP, and USD/CHF.
Interestingly enough, a Reddit user has noted that Bitcoin is also featured on CNBC’s website as viewed from Canada. According to him, the cryptocurrency replaced Canada’s national currency, the Canadian dollar (CAD).
This is probably somewhat expected, given that CNBC has programs such as Squawk Box which provide coverage of cryptocurrencies, Bitcoin in particular. However, the fact that the website has placed a price tracker under its Forex tab could also be a sign that Bitcoin has become something that can no longer be ignored.
This notion is supported by prominent Bitcoin proponent Anthony ‘Pomp’ Pompliano, who recently said that “it is irresponsible for institutions not to have exposure to Bitcoin.”
Bitcoin Is “the 11th Largest Money in the World”
The inclusion of a Bitcoin tracker on CNBC.com makes sense in light of the fact that the cryptocurrency’s market capitalization is larger than the M0 money supply of all but ten world currencies.
Bitcoin is now the 11th largest money in the world, and it obtained this with only a nine-page paper created anonymously fueled by a grassroots movement.
Millions of people have choosen a bank with no CEO, office or marketing department and it should absolutely blow your mind. pic.twitter.com/I8Mgv2fRjJ
— Rhythm (@Rhythmtrader) August 7, 2019
Bitcoin is ahead of the Canadian dollar in this regard, as it possesses a market cap of approximately $211 billion, while the Canadian dollar’s total M0 supply is around $95 billion.
It’s worth remembering that a significant amount of existing bitcoins are either unusable or forever lost, and, arguably, the biggest determinant of Bitcoin’s market cap is its price. Back in 2017, when Bitcoin reached its all-time high value, its market cap exceeded the M0 money supply of all but nine currencies.
Yet it’s very nice to reflect on the number of people who have put their trust in, as Rhythm puts it, a “bank with no CEO, office or marketing department.”