In a recent Youtube video on May 4th, Greg Foss, Executive Director of Validus Power Corp., talked about the possibility of the banking industry failing to wipe out $10 trillion in stocks. Foss has expressed his support for “hard assets” such as real estate, gold and Bitcoin. He believes Bitcoin, the leading crypto asset, is one of the best hard assets available. According to Foss, Bitcoin offers insurance against “fiat basket failures.”
Foss helps you hold hard assets like real estate, gold and Bitcoin
Following the second, third and fourth largest bank failures in U.S. history, the U.S. banking industry has been thrown into chaos in less than two months. In a conversation with Kitco lead caster and editor-in-chief Michelle Makori, Greg Foss It echoed Federal Reserve Chairman Jerome Powell’s recent statement that the US banking system is “healthy and resilient.”
‘I think Jerome Powell is a terrible poker player’ says Foss commented To Makori. “I have another shoe that falls [in the banking industry], or, as Elon puts it, it could be an anvil,” Foss added. Mr. Foss argued that the Fed tightened too much because “it took too long to tighten at the beginning.”
More banks are likely to collapse, Foss said. The largest banks are considered “too big to fail” and are likely to be bailed out, but shareholders may not be so lucky. A place with potential, Validus Power executives stressed to Makori. Foss estimates that “he has at least $10 trillion in global banking assets that could literally be wiped out if the system were to fail.”
In an interview, Foss expressed his support for “real assets,” specifically mentioning real estate, gold and bitcoin. Foss believes that Bitcoin (BTC) is the best real asset and also recognizes the value of gold as an investment. However, Foss does not recommend selling gold to buy bitcoin. Instead, he is proposing to sell part of his bond portfolio and invest in Bitcoin. According to Foss, those who don’t own bitcoin “are actually taking on more risk.”
“Bitcoin can be seen as an insurance policy against the failure of the fiat basket,” Foss told the Kitco anchor. “$200 trillion is the responsibility of the United States alone. You take 160. [basis points] Multiply by $200 trillion … $3.2 trillion is the implicit insurance value in the US … What are bitcoin transactions for? Well, about $5 trillion,” he added. . Foss concluded his conversation with Makori by noting that “Bitcoin is a free and open market” and that “Fiat Ponzi is being manipulated by people like Jerome Powell.”
What are your thoughts on Greg Foss’ support for real assets such as real estate, gold and Bitcoin? Do you agree with his assessment of the banking industry’s potential failure and need for alternative investments? Share your thoughts in the comments section below. please share.
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