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$10 trillion , bank failures , banking industry , Fed , Federal Reserve , fiat collapse , Fiat Ponzi , gold , Greg Foss , Greg Foss bitcoin , hard assets , jerome powell , Michelle Makori , real estate , Validus Power CEO
Bitcoin Provides Insurance Against Fiat Currency Failure, Says Validus Power Corp.’s Greg Foss – Bitcoin News
On May 4, in a recent Youtube video, Validus Power Corp. CEO Greg Foss discussed the potential for the banking industry’s failure to wipe out $10 trillion in equity. Foss expressed his support for “hard assets” such as real estate, gold and bitcoin. He believes that bitcoin, the leading crypto-asset, is one of the best hard assets out there. According to Foss, bitcoin provides insurance against “failure in a basket of fiat currencies”.
Foss supports holding hard assets such as real estate, gold and Bitcoin
In less than two months, chaos has erupted in the American banking industry following the second, third and fourth largest bank failures in the country’s history. During a conversation with Kitco’s lead anchor and editor-in-chief, Michelle Makori, Greg Foss weighed in on Fed Chairman Jerome Powell’s recent statement that the US banking system is “sound and resilient.”
“I think Jerome Powell is a terrible poker player,” Foss told Makori. “It’s another shoe to drop [in the banking industry], or as Elon says, it could be an anvil,” Foss added. The Validus Power boss added that he thought Powell’s body language “reeked of desperation”. Foss insisted that the Fed tightened too much because they “waited too long to tighten in the beginning.”
According to Foss, the possibility of several banks collapsing is high. While the biggest banks are considered “too big to fail” and are likely to receive bailouts, shareholders may not be so lucky. This is where significant financial losses can occur, the Validus Power boss emphasized to Makori. Foss estimates that there is “at least $10 trillion of banking capital globally that could literally be wiped out if the system fails.”
In his interview, Foss expressed his support for “hard assets” and specifically mentioned real estate, gold and bitcoin. While Foss believes that bitcoin (BTC) is the best hard asset, he also recognizes the value of gold as an investment. However, Foss advises against selling gold to buy bitcoin. Instead, he suggests selling part of one’s bond portfolio to invest in bitcoin. According to Foss, if a person does not own bitcoin, “they are actually taking more risk.”
“You can look at bitcoin as insurance against the failure of a basket of fiat currencies,” Foss told the Kitco anchor. “$200 trillion is the responsibility of the United States alone. You take 160 [basis points] times $200 trillion and you get … $3.2 trillion would be the implied insured value for the US … What is bitcoin trading for? Well, about half a trillion dollars,” he added. Foss ended his conversation with Makori by noting that “bitcoin is a free and open market,” while the “Fiat Ponzi is manipulated by guys like Jerome Powell.”
What are your thoughts on Greg Foss’ support for hard assets like real estate, gold and bitcoin? Do you agree with his assessment of the banking industry’s potential failure and the need for alternative investments? Share your opinions in the comments section below.
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