Tron founder Justin Sun on Tuesday expressed interest in buying assets or shares of Swiss financial services group Credit Suisse. He also said bringing the global investment bank to the Web3 ecosystem. Credit Suisse faces market pressure as credit default swaps (CDS) hits a 14-year high.
Tron Founder Justin Sun Finds Credit Suisse an Opportunity
Justin Sun in a tweet on October 4 revealed that he is interested in buying global investment bank Credit Suisse’s assets or shares. He also finds an opportunity to bring the investment bank to Web3.
“We are interested in buying assets or shares from Credit Suisse and bring it to Web3.”
Tron founder has recently expressed interest in buying Twitter, outbidding Elon Musk’s $54.20 per share buyout offer. Justin Sun also jumped in to acquire Huobi after FTX shows interest in the crypto exchange. However, difficult market conditions have made them reconsider their decisions.
Credit Suisse and Deutsche Bank together have $2.8 trillion in assets under management. Many believe Credit Suisse’s credit default swaps (CDS) rising above the 2008 financial crisis level risks another Lehman Brothers moment. Shares of Credit Suisse and Deutsche Bank continue to fall since the 2008 financial crisis and have never recovered.
Meanwhile, top Wall Street banks think the issues troubling the investment bank are not as dire as the social media speculation and its CDS indicate. JPMorgan calls Credit Suisse’s capital ‘healthy’, while others closely monitor the situation.
The global economy is already struggling amid alarming inflation, oil prices, and economic slowdown. It risks a global recession as equities and crypto markets fail to recover. A collapse of Credit Suisse could trigger concerns of a recession.
Bitcoin as Safe Haven
While Justin Sun speculates about buying Credit Suisse assets or shares, he said a similar statement last year regarding Chinese real estate giant Evergrande. He is more interested in acquisitions in the crypto space rather than in traditional markets.
Meanwhile, the Credit Suisse situation could be bullish for Bitcoin and other cryptocurrencies. Investors are pouring money into Bitcoin due to its safe haven and inflation hedge benefits as the US dollar surges to record levels.