Greg Foss

Greg Foss is a self-described Bitcoin enthusiast and realist with more than thirty years of experience in high-yield credit trading and analysis as a portfolio manager and trader. He is widely known for framing Bitcoin as a form of insurance against a failing fiat system.

He began at the Royal Bank of Canada in 1988, later traded high-yield credit at TD Securities and ran credit strategies at a hedge fund through the 2008 crisis, which is where the argument comes from: he has spent a career pricing the probability that a borrower does not pay.

Applying that to governments, he co-created the fulcrum index, which values Bitcoin by taking credit default swap spreads on a basket of G20 sovereigns and multiplying them by those countries’ funded and unfunded obligations. The conclusion he draws is that Bitcoin is not a technology bet but insurance on the credit quality of the fiat system, and should be sized in a portfolio the way insurance is sized rather than the way a growth position is.

He was a founding shareholder of one of Canada’s largest digital-asset managers and speaks at Bitcoin conferences on bonds, sovereign debt and portfolio construction.