Could Bitcoin be insurance against fiat currency failure?

Chaos erupted in the US banking industry recently, in the wake of the second, third and fourth largest bank failures in the country’s history.

Also read: The United States is investigating the “Binance” exchange for possible violations of Russian sanctions

Where the CEO of the company commented Validus Power, Greg Fossduring a conversation with a broadcaster and editor-in-chief of the website Kitco, Michelle MakoriOn the statement of the Chairman of the Federal Reserve Jerome Powell Finally, that the US banking system is sound and resilient:

“I think that Jerome Powell Jerome Powell Terrible poker player, looks like something else bad is going to happen (in the banking industry).”

The executive officer added Validus PowerHe thinks it’s body language Powell Powell It reeked of desperation, insisting that the Fed had waited too long to tighten the screws.

On the other hand, see Foss The possibility of more bank failures is rising, and although the big banks are considered too big to fail and are likely to receive bailouts, shareholders may not be so lucky.

Can Bitcoin act as insurance against fiat currency failure?

This is where significant financial losses can occur, and it is estimated Foss There is at least $10 trillion in bank stocks globally that could literally be wiped out if the system failed.

express as Voss In his interview about his support for hard assets, he specifically mentioned real estate, gold and Bitcoin, as he believes Bitcoin is the best hard asset, but he also recognizes the value of gold as an investment.

Therefore, it is advised not to sell gold to buy bitcoin, but rather to sell part of a personal bond portfolio to invest in bitcoin, and if a person does not own bitcoin, he actually bears more risks:

“You can look at Bitcoin as insurance against the failure of a group of fiat currencies.”

Also read: Nine cryptocurrency exchanges closed in “Ukraine” and “the United States”

concluded Voss his conversation with McCurry Pointing out that Bitcoin is a free and open market, while fiat currencies are a Ponzi scheme being manipulated by people like Jerome Powell.

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