Bitcoin's market value is now larger than Goldman Sachs and Morgan Stanley

I don't know what to make of this article. On the one hand it's strange to think Bitcoin is now in the same league as two of the top banks, with their HF trading desks, and all of their billions or even trillions in loans on real estate and other assets. But at the same time we know that these institutions are all insolvent, and the future of most of the things that banks do will be done by cryptocurrencies, particularly the investment banking/IPO side, which will be entirely done through the blockchain in the future.

If you look at it like that perhaps these valuations really aren't that high, and it's more accurate to compare Bitcoin to the $7.8 trillion market cap of gold, whose place it is set to at least complement, if not overtake as the global go-to safe haven asset.

https://www.cnbc.com/2017/10/13/bitcoin-market-cap-bigger-than-goldman-sachs-and-morgan-stanley.html