Megaupload Creator Suggests Buying Crypto, Gold As USD Is Doomed
Seasoned businessman Kim Dotcom, the smart mind behind the creation Megaupload, a file sharing website, has urged his 734,000 plus Twitter followers to purchase the yellow metal (gold) and cryptos such as Bitcoin as the greenback will soon be worth nothing.
The suggestion looks more like a hedging strategy against a potential economic crisis, which Kim expects to arrive at any time soon. This is reflected by his tweet, a “big crash is coming 100%.”
Even though he did not explain the reason behind the forecast this time, sometime earlier, he had quoted Russia’s finance minister who had stated that the country us limiting its investment in the US assets as it considers the greenback as a “risky tool for payments.”
Kim Dotcom cautions that the “US debt burden has become unmanageable.” Furthermore, he says that it is inevitable that greenback would crash. To support his argument, Kim pointed out that the average debt of US household is $845,000.
During times of economic uncertainty cryptocurrencies will gain popularity and adoption. An example for this scenario is Turkey where people resorted to cryptocurrency investments to hedge against the falling lira.
Likewise, cryptocurrency communities gave their helping hand when inflation hit record levels in Venezuela. The country received both donation and support to merchants to boost crypto adoption.
The tweets have come at a time when Bitcoin is starting to climb back after falling below $6,000. Many skeptics had stated that the crypto would drop below $5,000 this time.
Trust me. Buy crypto and gold. Your USD will become worthless. With US economic collapse all old money currencies will crash.
Times will get tough. But you’ll be fine if you hedge some of your assets in preparation for the crash.
The big crash is coming 100%.
— Kim Dotcom (@KimDotcom) August 12, 2018
Kim Dotcom is also working out to launch his own crypto targeting content creators. The crypto would assist content creators to receive payments directly from their clients without depending on third parties.