'You can look at bitcoin as being insurance on the failure of a basket of fiat currencies,' Foss said to Makori during his interview.
“I think Jerome Powell is a horrible poker player,” Fossto Makori. “There’s another shoe to fall [in the banking industry], or as Elon says, it could be an anvil,” Foss added. The Validus Power executive added that he thought Powell’s body language “reeked of desperation.” Foss insisted that the Fed tightened too much because they “waited too long to tighten at the outset.”
According to Foss, the possibility of more banks collapsing is high. While the largest banks are considered “too big to fail” and will likely receive bailouts, shareholders may not be so lucky. This is where significant financial losses can occur, the Validus Power executive emphasized to Makori. Foss estimates that there is “at least $10 trillion of bank equity globally that can literally be wiped out 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 thatis the best hard asset, he also recognizes the value of gold as an investment. However, Foss advises against selling gold to purchase bitcoin. Instead, he suggests selling a portion of one’s bond portfolio to invest in bitcoin. According to Foss, if a person doesn’t own bitcoin they are “actually taking on more risk.
“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.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Ordinals faces new challenge after developer inserts bug to throw out numberingA transaction has caused issues for Bitcoin collectibles project Ordinals, as it faces difficulty with its inscription numbering system.
Read more »
Bitcoin price sets new May high above $29.5K as traders eye breakoutBitcoin inches closer to $30,000 as BTC price breakout hopes rise.
Read more »
Memecoin hype drives Bitcoin transaction fees to multi-year highsIntroducing Bitcoin’s BRC-20 token standard has dramatically impacted the network, enabling the Pepe memecoin to trigger a spike in BTC transaction fees.
Read more »
Bitcoin Is The ONLY Digital Scarcity That Matters — Here's Why | HackerNoonBitcoin and digital scarcity were a discovery, not an invention. This implies they can't be improved upon. Your conscious mind rejects the idea, but you know... - bitcoin digitalscarcity
Read more »
Stronghold Digital Partners With Canaan Subsidiary to Boost Bitcoin Mining Capacity by 400 PH/s – Mining Bitcoin NewsOn May 4, 2023, the bitcoin miner Stronghold Digital Mining announced a two-year hosting deal with Cantaloupe Digital, a subsidiary of Canaan.
Read more »
Bitcoin Chalks Out 'Head and Shoulders' Pattern Ahead of U.S. Nonfarm Payrolls: Valkyrie InvestmentsAlthough not classically meeting the textbook criteria of a head and shoulders, price action since March 19 has painted an extreme high with flanking lower highs, Valkyrie's analysts said.
Read more »