Justin Sun announced in a tweet on October 4 that he is interested in purchasing the assets or shares of global investment bank Credit Suisse.
Tron Founder Finds Credit Suisse an Opportunity
Justin Sun announced in a tweet on October 4 that he is interested in purchasing the assets or shares of global investment bank Credit Suisse. He also discovers a way to connect the investment bank to Web3.
“We are interested in purchasing assets or shares from Credit Suisse and bringing them to Web3.”
Tron founder has lately expressed interest in acquiring Twitter, outbidding Elon Musk's buyout offer of $54.20 per share. Justin Sun also rushed in to buy Huobi after FTX expressed interest in the cryptocurrency exchange. However, tough market conditions have caused them to rethink their decisions.
Credit Suisse and Deutsche Bank jointly manage $2.8 trillion in assets. Many people fear that if Credit Suisse's credit default swaps (CDS) rise over the 2008 financial crisis level, it will lead to another Lehman Brothers. Since the 2008 financial crisis, shares of Credit Suisse and Deutsche Bank have continued to plummet and have never recovered.
Meanwhile, leading Wall Street banks believe the investment bank's problems are not as serious as social media rumors and its CDS indicate. JPMorgan describes Credit Suisse's capital as "healthy," while others are keeping a careful eye on the situation.
The global economy is already in trouble due to worrying inflation, rising oil prices, and a weakening GDP. As equities and cryptocurrency markets fail to rebound, it raises the prospect of a worldwide recession. The failure of Credit Suisse might spark recession fears.
Bitcoin as Safe Haven
While Justin Sun speculates about purchasing Credit Suisse assets or shares, he made a similar comment about Chinese real estate company Evergrande last year. He is more interested in cryptocurrency purchases than traditional markets.
Meanwhile, the Credit Suisse situation may be favorable to Bitcoin and other cryptocurrencies. As the US dollar climbs to new highs, investors are flocking to Bitcoin for its safe haven and inflation hedging features.
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