On May 4, in a recent Youtube video, Validus Power Corp.’s executive director, Greg Foss, discussed the potential for the banking industry’s failures to wipe out $10 trillion in equity. Foss expressed his support for “hard assets” 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 “the failure of a basket of fiat currencies.”
“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. Foss concluded his conversation with Makori by noting that “bitcoin is a free and open market,” while the “Fiat Ponzi is manipulated by guys like Jerome Powell.”
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