- If bitcoin replaces the US dollar in the petrodollar system, it is realistic to believe that the digital asset may capture 5% of total global financial assets
- The petrodollar system is broken, Foss said, and bitcoin offers a solution
Greg Foss, executive director of strategic initiatives at Validus Power Corp, sat down with Blockworks at the Bretton Woods: The Realignment conference to discuss why a $2 million price target for bitcoin might not be as far off as many think.
“Total global financial assets in the world total $900 trillion in US dollars,” said Foss. “I believe that bitcoin is going to be used to price energy, and if that happens, I bring up the idea that it could be considered a global reserve asset.”
If bitcoin replaces the dollar in the petrodollar system, Foss said, it does not seem unlikely that bitcoin could eventually capture 5% of $900 trillion dollars.
“I don’t think it’s crazy at all,” he said.
Watch the full interview below to hear Foss’ thoughts on other digital assets, the threat of regulation and how bitcoin could actually overtake the petrodollar system.
Are you a UK or EU reader that cant get enough investor-focused content on digital assets?Join us in London on November 15th and 16th for the Digital Asset Summit (DAS) London. Use code ARTICLE for £75 off your ticket. Buy it now.