“Do what the big boys are doing” is an adage from the stonk market. 🐂
In other words, if big money is risking big money, it’s probably for a good reason.
So despite companies making job cuts and planning for the most anticipated recession in history, Visa ($V) and Goldman Sachs ($GS) are still in.
A Reuters report said a source claims Visa and Mastercard ($MA) was pausing their “… crypto push in wake of industry meltdown.”
Guess no one told Visa. Visa’s VP and big wig of crypto, Cuy Sheffield, took to Twitter just a few hours later to refute the claim.
1/ This story is inaccurate as it pertains to Visa, here’s the reality 👇🏼https://t.co/oAEaj7MsX0
— Cuy Sheffield (@cuysheffield) February 28, 2023
Similarly, Goldman Sachs is growing its crypto business. CFO Denis Coleman said Goldman has purchased and will continue to purchase digital currency firms.
And despite cutting 3k+ employees – the biggest since the 2008 – 2009 financial crisis, they’re hiring for the crypto side. 🍀