Veteran entrepreneur Kim Dotcomthe origin of the popular Megaupload file sharing site has just advised more than 734,000 Twitter subscribers to invest in gold and crypto-currencies such as Bitcoin (BTC).
https://twitter.com/KimDotcom/status/1027408426446422017
According to Kim Dotcom, it will be a winning strategy to deal with the eventual "imminent" economic crisis , according to its publication. "The US government is adding $ 1 trillion to its debt each year. He can never get rid of it completely, " he said.
" Trust me. Buy cryptocurrencies and gold. Your dollar will no longer have any value. With the collapse of the US economy, all the old currencies will collapse. "https://twitter.com/KimDotcom/status/1028642741343801346"The times will be tough. But you'll be fine if you cover some of your assets in preparation for the crash. "
"The big crash is coming, it's 100%," tweeted Kim Dotcom yesterday, August 12.
Dotcom warnings seem well-founded
Although Dotcom is a controversial figure, his remarks deserve some thought.Recently , a Congressional Budget Office report revealed a federal deficit that has increased by 20% in the last 10 months. Expenditures would have exceeded revenues of $ 682 billion from October 2017 to July 2018, $ 116 billion more than the same period a year earlier.
The tax cuts and congressional agreement to increase spending explain this current state of the US economy. Trump has justified the drop in taxation by saying that it will lead to stronger economic growth, which should generate more tax revenue.
It is true that the US economy has experienced some growth, 4.1% in the second quarter. However, more change is needed if economists want to overhaul the deficit.
Cryptocurrencies as a solution
Dotcom explains his reasoning in his tweets. The Russian finance minister was quoted in one of them. Russia would have reduced its investments in US assets, considering the dollar as "a risky payment tool. "Moreover, "the burden of US debt has become unmanageable" and the fiat money is doomed to fail according to Dotcom. The average debt per US family is around $ 845,000.
"The average unfunded liability in the US now stands at $ 938,000 per taxpayer. Anyone who thinks that US debt can be solved by economic growth, new debt or printing more dollars, is an idiot. The American empire will fail. "https://twitter.com/KimDotcom/status/1028637155764011010
Cryptocurrencies are advantageous in periods of economic uncertainty . Kim Dotcom's tweets come at a time when the price of Bitcoin is picking up. The value of Cryptocurrency # 1 has rebounded to $ 6,300 recently. It defies downside calls from several analysts after its downward trend below its 50-day moving average.
What do you think of Kim Dotcom's advice to buy gold and crypto-currencies in anticipation of an impending economic crisis? Comment in the comments section below.
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