The global financial asset market currently sits just above $900Tr, and if Bitcoin could achieve a conservative 5% of all the reserve assets- it could reach a market cap of $45 Tr. This is what Greg Foss, a Portfolio Manager, and experienced high-yield credit trader, used for making his bullish case on bitcoin reaching 2 million dollars. We have seen many experts share their perspectives on bitcoin, but Greg’s math-oriented and macro outlook is something unique to consider.
Greg views bitcoin as an asset that can represent natural resources and oil for some of the largest producers in the world. If oil and other natural resources are priced in bitcoin, it will become a de facto global “asset.” Having more than 25 years of experience in pricing and trading corporate credit-related structures, Greg understands how important it is to hedge against the debt spiral and embrace bitcoin for the greater good.
In a recent youtube live show by Anthony Pompliano, Greg explains how it is a win-win situation for countries like Russia to add bitcoin to their national reserves. He also thinks the US Dollar is “Programmed to debase Fiat currency,” which is not equal to the valuable natural resources. As we are starting to see many countries look for alternatives to US-related assets, the dollar’s status from a global point of view is no longer the same.
With bitcoin on the rise, it could serve as the best alternative as an emergency backup for many countries. Greg also clarifies that this would happen only if- more companies and countries like El Salvador adopt bitcoin in a large way. We also see green bitcoin mining being a reality sooner than later, so the rate of growth once companies recognize the store of value bitcoin brings will be unbelievable.
Yesterday, we also watched Elon say Tesla will likely resume accepting payments in bitcoin at The B-word conference. With more companies following Tesla and Square, we can see bitcoin’s growth accelerate at an unimaginable pace in the next few years.
However, it needs to represent energy for it to reach 2 million dollars, and countries need to consider bitcoin in their national reserve. In the end, Greg also highlights his thought process towards bitcoin could be wrong in the future, but he trusts the math behind bitcoin’s probabilistic analysis and thinks it holds a lot of value.
Born and brought up in India, Karthikeya Gutta is a crypto journalist and freelance contributor for ItsBlockchain. He covers various aspects of the industry with in-depth analysis and research. His passion towards blockchain and crypto ecosystem is mainly because he believes it can really change the world and help millions of people.
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