Greg Foss: Bitcoin is the Best “Hard Asset” Against Fiat Currencies
Greg Foss, the executive director of Validus Power Corp., thinks that the banking industry is on the verge of collapsing and this could result in wiping out $10 trillion in equity. In a recent Youtube video, he expressed his support for “hard assets” like real estate, gold, and bitcoin, with bitcoin being the best hard asset available.
He said that owning bitcoin is like having insurance against the failure of a basket of fiat currencies, as the current global bank liability is $200 trillion, while bitcoin’s implied insurance value is around $3.2 trillion. Foss advises people to invest in bitcoin instead of bonds, as they are actually taking on more risk without it. In conclusion, Foss stated that bitcoin is a free and open market, unlike the Fiat Ponzi, which is manipulated by people like Jerome Powell.
Clever Robot News Desk 8th May 2023