On May 4, in a recent YouTube video, Validus Power Corp. CEO Greg Foss discussed the potential for banking industry failures to wipe out $10 trillion in equity capital. 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.”

Foss supports the holding of hard assets such as real estate, gold and bitcoins

In less than two months, chaos erupted in the US banking industry following the second, third and fourth largest bank failures in the country’s history. During a conversation with Kitco’s lead presenter and editor-in-chief, Michelle McCorry, Greg Foss gauged Fed Chairman Jerome Powell’s recent statement that the US banking system is “sound and resilient.”

“I think Jerome Powell is a terrible poker player,” Foss told McCoury. “There’s another shoe [in the banking industry], or as Elon says, it could be an anvil,” Fosse added. The chief executive of Validus Power added that he believed Powell’s body language “reeked of desperation”. Foss insisted that the Fed tightened too much because they “waited too long to tighten in the first place.”

According to Foss, the possibility of more banks collapsing is high. While the biggest banks are considered “too big to fail” and are likely to get bailed out, shareholders may not be so lucky. This is where significant financial losses can occur, the CEO of Validus Power emphasized to Makori. Foss estimates that there is “at least $10 trillion in banking capital globally that could literally be destroyed if the system fails.”

In his interview, Foss expressed his support for “hard assets” and specifically mentioned real estate, gold and bitcoin. While Foss believes that Bitcoin (BTC) is the best hard asset, he also recognizes the value of gold as an investment. However, Foss advises against selling gold to buy bitcoins. Instead, he suggests selling part of the bond portfolio to invest in Bitcoin. According to Foss, if a person does not own bitcoin, they are “actually taking on more risk.”

“You can look at bitcoin as insurance against the failure of a basket of fiat currencies,” Foss told the Kitco host. “$200 trillion is the liability of the United States alone. You get 160 [basis points] $200 trillion each and you get… $3.2 trillion will be the implied insured value for the United States… What is Bitcoin trading for? Well, about half a trillion dollars,” he added. Foss concluded his conversation with McCoury by noting that “Bitcoin is a free and open market,” while “Fiat Ponzi is being manipulated by people like Jerome Powell.”

Tags in this story

$10 trillion , bank failures , banking industry , Fed , Federal Reserve , fiat collapse , Fiat Ponzi , gold , Greg Fosse , Greg Fosse Bitcoin , hard assets , Jerome Powell , Michelle McCorry , real estate , Validus Power CEO

What do you think about Greg Fosse’s support for hard assets like real estate, gold and bitcoin? Do you agree with his assessment of the potential failures of the banking industry and the need for alternative investments? Share your views in the comment section below.

Jamie Redman

Jamie Redman is a Bitcoin.com News anchor and fintech journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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