Kim Dotcom is once again in the spotlight, this time he is backing Bitcoin to overthrow USD as a currency and to take over the world. He was the mind behind the file-sharing site Megaupload and was involved in of one of the largest copyright lawsuits ever taken to court. This time around he believes that a market crash on Wall Street is going to destroy the USD and is urging his followers to hedge their investments by getting themselves some Bitcoin. He made the statement via his Twitter account on August 12th.
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
New US Tax Bills
The US recently implemented a new tax bill which has added 20% to the US national debt, placing it at an astounding $21.3 trillion. If you convert that into the current price of BTC, you will soon see where Kim’s comments are coming from. It would take 3,276,923,076.92 BTC to wipe out that debt, more BTC than will ever exist. Kim is regularly opposing US monetary policy and isn’t a fan of the institution in general. He thoroughly believes in a truly free world without the need for banks is what will allow society to move forward.
K.im’s Upcoming ICO
His words on Twitter come as he prepares to launch an ICO for his new K.im content sharing platform. It is due to launch in September and this news could come as a move to drum up some interest in his latest project from the greater cryptosphere. Unfortunately, the project has been hit by a barrage of delays since its announcement, but Kim casually shook this off as him being a perfectionist and wanting to make his platform perfect in every sense before he launches it. K.im will utilize Bitcache – a system that links files to Bitcoin transactions – to create a content sharing and storage facility on the blockchain. Essentially it is a blockchain version of Megaupload.
Kim Causing Crypto Trouble
In November last year, Kim caused some trouble in the cryptosphere by endorsing Bitcoin Cash, with many people lashing out by branding his project useless in response. He has since retracted his comments and hasn’t endorsed Bitcoin Cash again. This is probably a good thing given the recent bug found in its code by a Bitcoin Core developer. Since then, he has kept tight-lipped on other cryptocurrencies and projects and focused on perfecting his new platform. Unfortunately for other celebrities, they’ve not steered clear of the firestorm, for example cricket legend Michael Clarke recently posted a Tweet sponsoring a controversial ICO and faced quite the backlash as a result.
Whether Kim’s predictions about the USD will come true or not is something only time will be able to tell us. However, with economies around the globe beginning to crumble, crypto is slowly emerging as the go-to solution. If the USD did crash, there is a good chance most people would immediately run to crypto. Let’s hope the USD manages to hold out for a little while longer so crypto can become more commonplace first.