Greg Foss, executive director of Validus Power Corp., recently discussed the potential risks of $10trillion of equity being wiped in the globalization banking industry. In an interview with Kitco's lead anchor and editor-in-chief, Michelle Makori, Foss expressed his support for investing in hard assets such as real estate, gold and bitcoin. According to Foss, due to the uncertainty and risks of the banking system, investing in bitcoin may provide insurance against the failure of a basket of fiat currencies.

Foss added that although the major banks will likely receive bailouts, shareholders may not fare so well, noting that $10 trillion of bank equity globally may fail if the current banking system collapses. Furthermore, he stated that bitcoin is the best hard asset, but suggested not to sell gold to purchase bitcoin, rather to sell a part of one's bond portfolio in order to invest in Bitcoin.

Discussing the value of bitcoin, Foss pointed out that the asset may be seen as a form of insurance, given that it is traded around half a trillion USD - compared to the US liability of around $200 trillion USD.

By emphasizing the fact that the market of bitcoin is free, open and fair, Foss concluded the conversation with Makori, suggesting that it is the preferred asset against the “Fiat Ponzi which is manipulated by guys like Jerome Powell”.

In short, Foss believes that investing in hard assets such as real estate, gold, and most of all Bitcoin, may be the way to go in countering the risks of global banking system failure, as bitcoin provides insurance against a basket of fiat currencies, given its decentralized and open market environment.



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