Crypto News: Executive Director of Validus Power Corp Advocates for Bitcoin as Insurance Against Banking Failures
Greg Foss, the executive director of Validus Power Corp., recently shared his concerns in a YouTube video about potential banking failures that could wipe out $10 trillion in equity. Foss advocates for investing in “hard assets” such as real estate, gold, and bitcoin, with the latter being the best option.
In his opinion, owning bitcoin provides insurance against the failure of a basket of fiat currencies, and he estimates that at least $10 trillion of global bank equity is at risk if the system fails.
During a conversation with Kitco’s lead anchor and editor-in-chief, Michelle Makori, Foss criticized Fed chairman Jerome Powell’s recent statement that the U.S. banking system is “sound and resilient.”
He believes that the possibility of more banks collapsing is high, and while the largest banks may receive bailouts, shareholders could still suffer significant financial losses.
Foss recommends selling a portion of one’s bond portfolio to invest in bitcoin, rather than selling gold. He argues that if a person doesn’t own bitcoin, they are actually taking on more risk. According to Foss, bitcoin is a free and open market, while the fiat system is manipulated by figures like Powell.
This news highlights the growing interest in bitcoin as a “hard asset” and a potential hedge against fiat currencies. With recent concerns about banking failures, investors may increasingly turn to bitcoin as a form of insurance.
As the cryptocurrency market continues to evolve, it will be interesting to see how investors and financial institutions respond to these developments.
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