Well-known digital entrepreneur Kim Dotcom has again taken to Twitter to warn his 742,000-strong following about an upcoming economic crisis. He urged people to hedge by buying gold and cryptocurrency.
Fasten your seatbelts.
Buy crypto and gold.
US Empire is drowning in debt.
With no way out.
When the borrowed and newly printed money for the current boom runs out markets and currencies will crash, bigger than ever. Sell stocks and hedge into crypto and gold, now. Trust me.
— Kim Dotcom (@KimDotcom) October 12, 2018
According to Dotcom, the “US Empire is drowning in debt” and currencies will eventually crash in a manner not been seen before. As a result, the best hedge against the economic tide is to “sell stocks and hedge into crypto and gold.”
Comments Present Mixed Reactions
Dotcom’s Tweet garnered a considerable amount of discussion and debate among followers. Some doubted the viability of cryptocurrency because they thought it could be outlawed by the government.
Others fired back by saying cryptocurrency “could not care less what the government or any law thinks” since it runs by consensus.
Some mused that big price hits to cryptocurrencies for much of 2018 might make investment riskier. Still, others wrote how cryptocurrency was the future, and predicted big future price surges.
A few other commenters discussed the value of commodities like gold in an economic crisis or collapse. They compared the value of precious metals with items like pharmaceuticals and water filters in a time of financial turbulence.
‘Buy Crypto and Gold’ Is A Familiar Tune
Dotcom has not been shy about sharing his financial advice and commenting on what he perceives as a massive looming financial crisis.
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
In August, he wrote how an economic collapse in the United States would lead to the crash of “all old money currencies.” He said people would be fine if they hedged some of their assets in gold and cryptocurrency.
Dotcom gave a couple of reasons for his line of thinking. He pointed out how Russia had reduced investments in U.S. assets and noted the “US debt burden has become unmanageable.”
As CryptoGlobe reported in August, cryptocurrencies have the ability to thrive in times of economic uncertainty, as evidenced in Venezuela, where a growing number of people have been turning towards digital assets as inflation keeps skyrocketing.