Bitcoin (BTC) is becoming more famous by the day and more and more new investors are stocking up on the royal coin. For example, Grayscale recently noted that it has seen massive institutional inflows into its Grayscale Bitcoin Trust, averaging $ 43.8 million per week during the first half of 2020.
All these investments are also causing Bitcoin's market capitalization to rise. It is now just a few billion from the market cap of one of the largest commercial banks in the United States called Bank of America.
At the time of writing, the current market cap stands at just over $ 215 billion. Data from Yahoo Finance shows that Bank of America's market cap is just over $ 226 billion.
Bitcoin's market capitalization is on the rise
Although it has endured quite a few price swings, the price of Bitcoin has risen sharply in 2020. In addition, it has gradually grown past several milestones.
Just before the March COVID-19 measures turned the world upside down, the United States Central Bank pumped $ 168 billion in capital into the economy. At the time, BTC's market cap was close to $ 145 billion.
BTC bigger than Coca-Cola and Intel
Recently we also wrote about the fact that Bitcoin has overtaken the big international companies Intel and Coca-Cola in terms of market capitalization. On August 3, Coca-Cola still had a market capitalization of $ 199 billion / now $ 205 billion. By contrast, Intel's market cap stood at $ 205 billion, which is virtually unchanged.
Celebrities bring the royal coin to the attention
Joe Rogan, the host of the world's most famous podcast Joe Rogan Experience (JRE), told his listeners in a recent podcast to buy Bitcoin . The JRE podcast is estimated to be listened to about 200 million times a month. Also, Squawk Box co-host on CNBC, Joe Kernen, said in a live broadcast that he is in possession of Bitcoin .