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.

Deloitte Luxembourg to Trial Bitcoin Payments for Staff Lunches

Neil Dennis

Deloitte, one of the so-called "Big Four" audit and consulting firms is to allow its staff to pay for their lunch in bitcoin, the Luxembourg Times reported on Tuesday.

While the firm does not plan to allow clients to pay for its services in bitcoin in the near future, the company said it was pleased to allow the lunchtime trial for its staff to "assess this new technology" in the company canteen.

While it doesn't transact in bitcoin, Deloitte has been active in developing blockchain technology for its fund management business.

PwC to Accept Bitcoin

The Luxembourg branch of Big Four rival, PwC, announced in early September it would accept bitcoin payments from its clients from the beginning of October. 

PwC said in a press release it was making the move to acknowledge the needs of its clients and the increasing adoption of crypto in Luxembourg. It added:

Our role is to lead and it is only by being an active leader with exposure that we at PwC Luxembourg can understand the challenges inherent to the crypto world.

 

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