Bitcoin Provides Insurance Against Fiat Currency Failure, Says Validus Power Corp.'s Greg Foss – Bitcoin News

“I think Jerome Powell is a horrible poker player,” Fossto Makori. “There’s another shoe to fall [in the banking industry], or as Elon says, it could be an anvil,” Foss added. The Validus Power executive 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 at the outset.”

According to Foss, the possibility of more banks collapsing is high. While the largest banks are considered “too big to fail” and will likely receive bailouts, shareholders may not be so lucky. This is where significant financial losses can occur, the Validus Power executive emphasized to Makori. Foss estimates that there is “at least $10 trillion of bank equity globally that can 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 thatis the best hard asset, he also recognizes the value of gold as an investment. However, Foss advises against selling gold to purchase bitcoin. Instead, he suggests selling a portion of one’s bond portfolio to invest in bitcoin. According to Foss, if a person doesn’t own bitcoin they are “actually taking on more risk.

“You can look at bitcoin as being insurance on the failure of a basket of fiat currencies,” Foss told the Kitco anchor. “$200 trillion is the liability just of the United States. You take 160 [basis points] times $200 trillion and you get … $3.2 trillion would be the implied insurance value on the United States … What is bitcoin trading for? Well, about half a trillion dollars,” he added.

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