Veteran Entrepreneur Kim Dotcom: “Buy Crypto and Gold. Your USD Will Become Worthless”

Francisco Memoria
  • Internet entrepreneur Kim Dotcom has recently advised his over 700,000 Twitter followers to buy cryptos and gold.
  • This as he believes the USD is bound to crash in the future.

Veteran entrepreneur Kim Dotcom, who has in the past created the successful file-sharing website Megaupload, has recently advised his over 734,000 Twitter followers to buy gold and cryptocurrencies like bitcoin, as the “USD will become worthless.”

Kim Dotcom’s advice seemingly comes as a hedging strategy against an upcoming economic crisis, one that he implies may be around the corner. Per his tweet, a “big crash is coming 100%.”

In previous tweets Dotcom explained his reasoning. In one, he cited Russia’s finance minister,  who noted the country has reduced its investment in US assets, and considered the US dollar a “risky tool for payments.”

According to Dotcom, the “US debt burden has become unmanageable,” and the fiat currency is bound to crash. The entrepreneur added that the average debt per family in the United States is now at $845,000. He wrote:

The average unfunded liability in the US is now at 938000 USD per taxpayer. Anyone who thinks US debt can be solved with economic growth, new debt or printing more dollars is an idiot. US Empire will default.

Kim Dotcom

Cryptocurrencies are known to thrive in times of economic uncertainty. As CryptoGlobe covered, Turkey’s economic woes saw various residents turn to cryptocurrencies to hedge against the lira’s falling value.

Venezuela’s financial crisis, which saw its inflation reach records levels, saw various cryptocurrency communities step in to help the country’s residents. While some projects targeted merchant adoption in the country, others donated funds to help people survive the government’s failures.

Kim Dotcom’s tweets come at a time in which bitcoin is seemingly starting to recover from a recent pullback. The flagship cryptocurrency recently climbed 3.5% to $6,300, defying bearish calls various analysts made after its price dipped below its 50-day moving average.

The entrepreneur has notably planned to launch his own cryptocurrency, aimed at content creators. It’s set to help content creators monetize their work, without relying on third parties.

Irish Drug Dealer Forced to Surrender €52 Million in Bitcoin to Authorities

Michael LaVere
  • An Irish drug dealer was forced to surrender €52 million in crypto to the Criminal Assets Bureau.
  • High Court determined the proceeds to be the result of a crime. 

A drug dealer was forced to surrender €52 million (around $56 million) in cryptocurrency to Ireland's Criminal Assets Bureau (CAB) after the country's High Court determined it to be proceeds from a crime. 

According to the report by Irish news outlet Independent, Dubliner Clifton Collins accumulated more than €52 million in the illegal sale and supply of drugs. Justice Alex Owens ruled that the bitcoin should be forfeited under the Proceeds of Crime legislation, a decision that went uncontested by Collins. 

The report claims authorities discovered a quantity of cannabis in Collins possession after a vehicle stoppage which took place in February 2017. Authorities went on to find a large number of suspected cannabis plants at an address at Farnaught, Corr na Móna. A subsequent investigation by the CAB led the bureau to uncover Collins's extensive holding of crypto assets, which amounted to €52 million. 

The report claims that Collins was an early investor in bitcoin and crypto-assets, which appreciated exponentially over the years. The CAB was able to secure a freezing order on the bitcoin to ensure that it could not be moved from the wallet prior to a court ruling. 

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