Crypto Biz: Is Goldman Sachs the ultimate crypto contrarian?

cointelegraph.com:

One of the oldest pieces of contrarian investment wisdom is to buy when there is blood in the streets. If it were that easy, crypto investors would be euphoric at all the buy opportunities right now. If you’re rattled by the bear market, which has been especially brutal even by crypto standards, don’t beat yourself up over it. Cryptocurrency is still an unproven asset class that operates in the shadow of regulators. I don’t blame you for not buying an asset class that’s down over 70% this year. 

With those caveats in mind, a quiet herd of smart money investors believes that now is the best time to invest in Bitcoin (BTC), digital assets and crypto infrastructure companies — even after the monumental collapse of FTX. Although nothing is confirmed yet, United States investment giant Goldman Sachs is also signaling that crypto is evenly priced after the year-long bear market.

This week’s Crypto Biz explores Goldman’s intrigue with crypto, a new cold wallet design from Ledger, Blockstream’s plunging valuation amid the bear market and the latest news surrounding Three Arrows Capital.

Goldman Sachs’ embrace of crypto appears to be growing, even during the bear market, as the U.S. investment behemoth looks poised to acquire distressed firms in the wake of FTX’s collapse. In an interview with Reuters, Goldman executive Mathew McDermott said crypto companies are “priced more sensibly” today than they were over a year ago and that calls to regulate the industry will ultimately be a positive catalyst for adoption. Although FTX has become the “poster child” for crypto, and not in a good way, the underlying technology behind the industry “continues to perform,” McDermott said.

The collapse of centralized platforms has been a boon for