Bitcoin Surges To New Record High, Overtakes Paypal & Netflix, Nears Morgan Stanley's Market Cap

Amid chaotic swings in the dollar, and flash-crashes in precious metals, it seems anxious global investors have pushed into cryptocurrencies as a safe-haven overnight with the top 5 virtual currencies all soaring.

Bitcoin has reached a new record high at $4740...

 

Pushing its total market cap near that of Morgan Stanley.

Bitcoin is now bigger than 425 of the S&P's 500 members.

On a side note, GBTC (the bitcoin investment trust) is now trading at $927 (implying a Bitcoin price of $9270!) and trading at a $120% premium to NAV...

Buyer beware!