{"id":20643,"date":"2023-05-07T06:10:06","date_gmt":"2023-05-07T06:10:06","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-provides-insurance-against-fiat-currency-failure-says-validus-power-corp-s-greg-foss-bitcoin-news\/"},"modified":"2023-05-07T06:10:06","modified_gmt":"2023-05-07T06:10:06","slug":"bitcoin-provides-insurance-against-fiat-currency-failure-says-validus-power-corp-s-greg-foss-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-provides-insurance-against-fiat-currency-failure-says-validus-power-corp-s-greg-foss-bitcoin-news\/","title":{"rendered":"Bitcoin Provides Insurance Against Fiat Currency Failure, Says Validus Power Corp.’s Greg Foss \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
\n<\/p>\n

\n
\n<\/header>\n
\n\n<\/div>\n

On May 4, in a recent Youtube video, Validus Power Corp.\u2019s executive director, Greg Foss, discussed the potential for the banking industry\u2019s failures to wipe out $10 trillion in equity. Foss expressed his support for \u201chard assets\u201d such as real estate, gold, and bitcoin. He believes that bitcoin, the leading crypto asset, is one of the best hard assets available. According to Foss, bitcoin provides insurance against \u201cthe failure of a basket of fiat currencies.\u201d<\/strong><\/p>\n

Foss Supports Holding Hard Assets Like Real Estate, Gold, and Bitcoin<\/h2>\n

In less than two months, chaos has erupted in the U.S. banking industry following the second, third, and fourth-largest bank failures in the country\u2019s history. During a conversation with Kitco\u2019s lead anchor and editor-in-chief, Michelle Makori, Greg Foss<\/a> weighed in on Fed chairman Jerome Powell\u2019s recent statement<\/a> that the U.S. banking system is \u201csound and resilient.\u201d<\/p>\n

\u201cI think Jerome Powell is a horrible poker player,\u201d Foss opined<\/a> to Makori. \u201cThere\u2019s another shoe to fall [in the banking industry], or as Elon says, it could be an anvil,\u201d Foss added. The Validus Power executive added that he thought Powell\u2019s body language \u201creeked of desperation.\u201d Foss insisted that the Fed tightened too much because they \u201cwaited too long to tighten at the outset.\u201d<\/p>\n

According to Foss, the possibility of more banks collapsing is high. While the largest banks are considered \u201ctoo big to fail\u201d 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 \u201cat least $10 trillion of bank equity globally that can literally be wiped out if the system fails.\u201d<\/p>\n

In his interview, Foss expressed his support for \u201chard assets\u201d and specifically mentioned real estate, gold, and bitcoin. While Foss believes that bitcoin (BTC)<\/a> is 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\u2019s bond portfolio to invest in bitcoin. According to Foss, if a person doesn\u2019t own bitcoin they are \u201cactually taking on more risk.\u201d<\/p>\n

\u201cYou can look at bitcoin as being insurance on the failure of a basket of fiat currencies,\u201d Foss told the Kitco anchor. \u201c$200 trillion is the liability just of the United States. You take 160 [basis points] times $200 trillion and you get \u2026 $3.2 trillion would be the implied insurance value on the United States \u2026 What is bitcoin trading for? Well, about half a trillion dollars,\u201d he added. Foss concluded his conversation with Makori by noting that \u201cbitcoin is a free and open market,\u201d while the \u201cFiat Ponzi is manipulated by guys like Jerome Powell.\u201d<\/p>\n