Goldman Sachs said yesterday that it plans to acquire Celsius Network and will fund $2 billion to do so. The cryptocurrency community as a whole was taken aback by this News; nevertheless, it’s been more than two weeks since Celsius Network suspended withdrawals and the company is now seeking bankruptcy counsel until Goldman Sachs takes over.
Arthur Hayes Critizes Goldman Sachs acquisition of Celsius Network by tweeting “Please do not believe that Goldman Sachs is putting its own money at risk unless they specifically say that they are doing so”
He continued –
GS is operating in the capacity of an advisory bank by putting together a group of investors and providing assistance to those investors in the process of arranging the purchase of troubled assets in exchange for a sizeable fee.
The community may rejoice that creditors will be able to get their monies if this firm successfully purchases the assets of CelsiusNetwork and if withdrawals are subsequently authorized again. That would restore confidence and provide further firepower for a bull run in the cryptocurrency market.
All “bailouts” should be viewed as PR gimmicks until real money is deployed and genuine depositors are allowed to withdraw part or all of their cash from insolvent CENTRALIZED crypto lenders. Until then, “bailouts” are meaningless.
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