Executive director of Validus Power Corp believes investing in real estate, bitcoin and gold can insure investors against losses related to the banking crisis.
Greg Foss, in an interview with Kitco News reacted to a recent statement by U.S. Federal Reserve (Fed) Chairman Jerome Powell that the U.S. banking system is sound and resilient.
Foss expressed distrust of the Fed, stating that with the banking crisis, there is a high probability of a continuing chain of bank defaults.
According to Voss, there is at least $10 trillion of banking capital in the world, and it could literally be destroyed if the system fails.
Even if large financial institutions can get a bailout, shareholders will suffer major losses.
Validus Power executive thinks investors are better off focusing on “hard assets,” namely real estate, gold and bitcoin.
So investors can save money in the event of a “collapse of the basket of fiat currencies”..
Foss advises against getting rid of gold to buy bitcoin, suggesting instead that we sell some of the bonds we have in our portfolio:
If one does not have bitcoins, one assumes greater risks of losing what one has accumulated.
Bitcoin is a free and open market, whereas the fiat currency market is manipulated by puppeteers like Jerome Powell.
Recently, former BitMEX CEO Arthur Hayes opined that bank failures could affect bitcoin.
Hayes believes bitcoin has many more advantages over gold and real estate investments.