Bitcoin provides insurance against fiat currency failure

May 4, at a video Youtube Most recently, Greg Foss – Operator of Validus Power Corp. The possibility that a failed banking sector would wipe out $10 trillion in equity was discussed. Foss expressed support for “assets with limited supply” such as real estate, gold and bitcoin. He believes that Bitcoin – the leading cryptocurrency is one of the best fixed assets. According to Foss, Bitcoin provides insurance against the “failure of fiat currencies.”

Foss donate hold assets have a fixed supply such as real estate, gold and bitcoin

In less than two months, the U.S. banking industry has been thrown into turmoil following the failure of the second, third and fourth largest banks in the country’s history. In conversation with Michelle Makori, host and editor-in-chief of Kitco News, Greg Foss reacts to recent statements by Federal Reserve Chair Jerome Powell In a statement, the statement said the U.S. banking system is “robust and resilient.”

“I think Jerome Powell is a bad poker player. There’s going to be another catastrophe in banking, or as Elon puts it, it could be an anvil.” The Validus Power executive added that Powell’s extremity The language is “full of despair”. Fosse emphasized that the Fed tightened too much because they “waited too long instead of tightening in the first place.”

According to Foss, the probability of many banks failing is very high. While the largest banks are considered too big to fail and are likely to be bailed out, shareholders may not be so lucky. This is where significant financial losses can occur. Foss estimates that “at least $10 trillion in bank equity globally could be wiped out if the system fails.”


Bitcoin price 4-hour chart | Source: Tradingview

In the interview, Foss expressed support for “fixed supply assets,” and specifically mentioned real estate, gold, and bitcoin. While Foss sees BTC as the best fixed-supply asset, he also recognizes the value of gold as an investment. However, Foss advises against selling gold to buy bitcoin. Instead, he suggested selling part of his bond portfolio to invest in bitcoin. According to Foss, if a person does not own bitcoin, they are “actually at greater risk.”

“You can think of Bitcoin as insurance against failure of fiat currencies. The US alone has $200 trillion in debt. You multiply 160 basis points by $200 trillion and you get $3.2 trillion, which would be the hidden debt of the US. Including insurance value … what is the purpose of bitcoin transactions? About five trillion dollars.”

Foss concluded his conversation with Makori by noting that “Bitcoin is an open and free market, whereas fiat Ponzi schemes are run by the likes of Jerome Powell.”

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