Gregg Foss: Bitcoin is worth $2 million in today’s dollars
Canadian Bitcoiner, Greg Foss said Bitcoin is worth over $2 million in today’s dollars and calls it the best asymmetric opportunity he has ever seen and said owning none is the biggest risk.
The candid former risk trader has been vocal about the opportunities Bitcoin offers and of course the great fiat ponzi for the last few years now, and his latest speech at Bitcoin Amsterdam didn’t disappoint.
Speaking to the Europeans, Foss highlighted how bad a state the continent was, referring to the economic state that seems to be getting worse, thanks to all the money printing and the effects of the ongoing war in the Ukraine.
But the former credit risk trader wasn’t there to tell Europe what they already know. In typical Foss style, he said the state of the US and global debt was worrying and impossible to pay back. ‘It’s Grade 11 math,’ reiterated Foss using his famous mantra.
$200 Trillion Debt Makes Bitcoin Worth $2 Million a Coin
Greg Foss was his usual forthright self, explaining to the thousands of attendees at Bitcoin Amsterdam why he thought Bitcoin was the best asymmetric opportunity of his distinguished career.
In his presentation at Europe’s biggest Bitcoin conference, Foss showed a chart of all the funded and unfunded liabilities of just the US government. Over $200 trillion owed, which Foss says is impossible to pay back.
‘It’s mathematically impossible,’ said Foss and then pointed out every other government in the world has same challenge.
Government debt is an unsustainable debt spiral, and added with the whole global financial assets, it’s where Foss gets his $2 million a bitcoin price from.
‘Bitcoin is the best upside opportunity I have ever seen. I have a price target on Bitcoin of over 2 million US dollars per Bitcoin,’ said Foss. ‘It’s based on the simple fact that I think Bitcoin captures 5% of global financial assets, and right now that’s $900 trillion. If Bitcoin gets 5% of that, that’s 45 trillion dollars: 45 trillion / 21 million is over 2 million dollars a bitcoin.’
Foss admitted he can’t be 100 percent certain Bitcoin will reach his price target, of course. But using today’s rough value of $20,000 he said he had a much higher certainty than the 1 percent the market was telling him, and that is why ‘Bitcoin is the best asymmetric opportunity I’ve ever seen,’ said Foss.
‘Start with an allocation of up to 5% and then worry about the other 95% of your portfolio… If you own zero percent of your portfolio in Bitcoin, you’re actually taking far more risk than if you have a proper portfolio allocation, said Foss who stated the only wrong exposure to Bitcoin was having zero percent.
$2 Million In Today’s Dollars
Is bitcoin worth $2 million in today’s dollars? Well the market says not, but we all know how irrational the markets can be.
Foss understands the markets more than most people, and he sees the problems that not many of us can decipher. He famously calls Bitcoin insurance on the debt spiral, and his valuation will likely come true one day, even in today’s dollars. After all, what;s the value of infinity divided by 21 million?
