Goldman Sachs Buying ‘Bargain’ Crypto Firms And When Will SBF Be Arrested?
Last Updated on 7 December 2022 by CryptoTips.eu
When there is blood on the streets, buy houses. This is the old adage that made Baron Rothschild, an 18th-century British nobleman and a member of the Rothschild banking family, rich beyond his wildest dreams. In the panic that followed the Battle of Waterloo against Napoleon, Rothschild bought real estate and made a fortune.
In the 20th century, the Omaha Oracle, aka legendary investor Warren Buffett said the same thing a different way. He said be greedy when others are fearful, and fearful when others are greedy. In other words, buy stuff when everyone else gets out and the asset is severely undervalued.
As such, the report in Reuters yesterday that investment bank Goldman Sachs is on the hunt for ‘bargain’ crypto firms which are severely undervalued because of the FTX collapse should come as no surprise.
Mathew McDermott, an executive at Goldman Sachs, admitted that big banks are seeing opportunities in the crypto space, for which there is still a long term future.
SBF behind bars
Meanwhile calls are growing on crypto Twitter for SBF (Sam Bankman-Fried) to be arrested as the fallout of the FTX collapse grows. Whereas we would expect such a call from known crypto enthusiasts like CryptoMich, who already called for this four weeks ago, it is new to see it from known crypto basher (and famed author) Nicholas Taleb.
Taleb criticized the Financial Times newspaper yesterday, for letting SBF off the hook with a title like ‘we kind of lost track’. The Black Swan author stated:
SBF did not “f***k up big”. He committed fraud. Financial Times, can you get it?
Meanwhile several lawyers were asked for their opinions on the matter as well. Dorsey & Whitney LLP partner Thomas Gorman, explained that FTX’s Bahamas address complicates things for the US courts.
That creates some problems, because you’ve got different laws governing different aspects of the organization. That will ultimately impact who gets charged for what—assuming anyone gets charged.
Given that several Silicon Valley firms lost hundreds of millions of dollars over the collapse of FTX, we assume that ultimately someone will indeed get charged.