How Bitcoin Solves the Bond Problem - Greg Foss

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In this podcast episode, Greg Foss, a Canadian Bitcoin enthusiast and veteran of the capital markets, joins Scott on "The Block Reward". They discuss Greg's background in the capital markets, his early discovery of Bitcoin, and his insights on the value of Bitcoin in relation to credit default swaps on sovereign debt. Greg shares his experiences as a junk bond trader and his efforts to develop a high yield bond market in Canada. He emphasizes the importance of Bitcoin as a hedge against fiat debasement and discusses its potential impact on pension plans and real estate. The episode concludes with a call to action for listeners to explore the potential of Bitcoin.
Greg has spent over thirty years in financial markets with a focus on trading high yield credit. He has worked on both the sell-side of the street (TD Securities) and the buy-side having been Managing partner of Credit Strategies at a successful hedge fund team during the great financial crisis in 2008/09. He was a founding shareholder at 3IQ, one of Canada’s largest digital asset managers and is currently CFO and Bitcoin strategist at Validuspower.com.
What We Discuss:
[00:00:00] Greg Foss emphasizes the importance of owning hard assets, including Bitcoin, to protect against the debasement of fiat currency.
[00:01:10] Greg discusses his career in trading credit and his belief in the importance of understanding credit markets and their impact on equity.
[00:04:45] Greg shares his journey of discovering Bitcoin, investing in a Bitcoin startup, and realizing the potential value of Bitcoin as a life-changing technology.
[00:15:20] What are the risks to bond holders?
[00:15:57] Explanation of the risks faced by bonds and how Bitcoin can serve as an alternative investment for bond investors.
[00:18:00] Why every portfolio needs Bitcoin.
[00:23:35] Discussion on the valuation of Bitcoin using open market credit default swaps and presents a potential price target based on the total global financial assets.
[00:23:50] How do we price Bitcoins potential?
[00:28:53] Discussion on the potential impact of BlackRock, the world's largest asset manager, getting their US spot price Bitcoin ETF approved.
[00:28:55] Insights on Bitcoin as a risk mitigating factor and its positive impact on capital markets and free markets.
[00:30:15] Exploration of Bitcoin as a hard asset and insurance against a potential debt crisis, with a focus on the US balance sheet and global reserve currency.
[00:41:52] Greg emphasizes the importance of Bitcoin as a solution to a problem with enormous repercussions, urging people to understand its value for the future.
[00:44:39] Greg discusses the optimal Bitcoin allocation for the Wisconsin pension plan, which was determined to be 6% through portfolio analytics.

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