Goldman’s Going on a Crypto Company Buying Spree, but Is That Good for Crypto?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 7 December 2022

⏱️ 18 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This episode is sponsored by Nexo.io, Circle and Kraken. In a conversation with Reuters, Goldman Sachs’ head of digital assets suggested the bank would be spending tens of millions of dollars to invest in, or buy outright, crypto firms whose prices had come down significantly in the wake of the FTX collapse. In today’s episode, NLW looks at the latest news on that collapse and whether TradFi companies like Goldman Sachs becoming the leader of the space is an unreservedly good thing. The debate referenced in today’s episode: Will Wall Street Ruin Bitcoin? Featuring Ben Hunt and Alex Gladstein - Nexo is a security-first platform where you can buy, exchange and borrow against your crypto. The company ensures the safety of your funds and keeps innovating with products like the Nexo Wallet - a non-custodial smart wallet that allows you to create your Web3 identity. Get early access at nexo.io/wallet. - Circle, the sole issuer of the trusted and reliable stablecoin USDC, is our sponsor for today’s show. USDC is a fast, cost-effective solution for global payments at internet speeds. Learn how businesses are taking advantage of these opportunities at Circle’s USDC Hub for Businesses. - Kraken, the secure, trusted digital asset exchange, is our sponsor for today's show. Kraken makes it easy to instantly buy 185+ cryptocurrencies with fast, flexible funding options. Your account is covered by regular Proof of Reserves audits, industry-leading security and award-winning Client Engagement, available 24/7. Sign up and trade today at kraken.com/breakdown. - Cryptowatch is the last crypto app you’ll ever need. Track prices up to two times faster than other apps. Catch market movements as they happen with powerful charting tools and custom alerts. Sync your portfolio and trade across multiple exchanges. And stay in the community conversation with leading influencers on Cryptowatch Social. http://cryptowatch.app.link/social - “The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell and research by Scott Hill. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. Music behind our sponsors today is "Back To The End" by Strength To Last. Image credit: baramee2554/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.2	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:15.3	The breakdown is sponsored by nexo.io, circle, and crack it, and produced and distributed by CoinDesk.
0:22.9	What's going on, guys? It is Tuesday, December 6th, and today we are talking about Goldman Sachs going on a crypto buying spree.
0:30.9	Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,
0:34.4	give it a rating, give it a review, or if you want to dive deeper into the conversation, come join us on the Breakers Discord. You can find a link in the show notes or go to
0:41.2	bit.ly slash breakdown pod. Today I'm also excited to share that this episode is brought to you by
0:46.9	CryptoWatch. CryptoWatch is the last crypto app you'll ever need. Track prices up to two
0:52.5	times faster than other apps, catch market movements as they
0:55.5	happen with powerful charting tools and custom alerts, sync your portfolio and trade across
0:59.7	multiple exchanges, and stay in the community conversation with leading influencers on CryptoWatch
1:04.7	social. Say goodbye to your other crypto apps because you can get everything you need to gain a
1:09.7	competitive edge with CryptoWatch.
1:11.9	Visit Google Play or the Apple App Store to download CryptoWatch today, and thanks again for
1:15.9	sponsoring the show.
1:17.5	All right, folks, well listen, no matter how much we want to move on, we are still living in an
1:22.1	FTX Fallout world.
1:24.0	So today we're going to do a couple updates on that front, and then we're going to talk about what I think is the beginning of a clear trend and whether it's good or bad for the industry.
1:32.5	All right, so picking up where we left off yesterday, we had been discussing how SBF had
1:38.4	turned down the invitation to speak before Congress at the hearing next week.
1:42.9	He said that he didn't have all the proper information
1:45.1	and then he wouldn't feel ready, but that when he did, he would certainly testify.
	...

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