Kim Dotcom has called for the ditching of the US dollar, which, he says, is doomed to depreciation. The internet maverick advises investing in gold and cryptocurrency. Kim Dotcom is a German-Finnish internet entrepreneur and public figure who first gained fame in Germany in the 90s.
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
A series of tweets made under his username @KimDotcom have gone viral, generating buzz among his following, the crypto communities, and the general public. Is Kim Dotcom a trustworthy source of information? And if his claims are true, what are the ramifications?
Who is Kim Dotcom?
Kim Dotcom is known for founding two file-sharing sites, Megaupload and Mega. He has been convicted of a number of online offenses including hacking, fraud, and insider trading. In 2012 police arrested Dotcom in his New Zealand mansion. At this time, the police also seized 18 luxury cars, 150 terabytes of data, and NZ$11 million in cash. Following this, Dotcom remained in NZ fighting his extradition for six years.
Megaupload was one of the world’s leading online storage lockers, covering more of the corporate networks than Dropbox. Though, U.S. authorities believe Dotcom cost film and record companies more than $500 million while generating over $175 million for themselves by allowing and encouraging their users to share copyrighted files.
In March of 2018 Dotcom won his case. New Zealand Human Rights Tribunal ordered the government to give Dotcom a payout of NZ$90,000 for breaches of privacy.
Kim Dotcom Claims
This information makes create challenges when it comes to placing trust in a man who has been notably dishonest in the past. But these claims are certainly enough to create a stir. Kim Dotcom’s tweet quoted the Finance Minister of Russia who notes that they have reduced their US assets investments as they believe it to be a risky currency to operate within. Moreover, Dotcom goes on to cite the massive amount of household debt currently at play within the United States. Though we can’t be sure if Dotcom’s claims are true or should propel us to immediate action, it is alarming to reflect upon those numbers. This is creating some serious FUD.
“We have significantly reduced our investment in US assets. In fact, the dollar, which is considered to be the international currency, becomes a risky tool for payments”
— Finance Minister of Russia
The US debt burden has become unmanagable. Watch USD when China drops US debt.
— Kim Dotcom (@KimDotcom) August 12, 2018
The average total debt per family in the US is now at 845000 USD.
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 (@KimDotcom) August 12, 2018
Is this the time to cut our losses and spread our investments, regardless of what Dotcom says on Twitter? How concerned should we be, if at all?
Furthermore, should we discount Dotcom’s claims on the account of his past dishonesty? Or, should we take them as an opportunity to do some reflecting and financial planning of our own? It seems everyone has an opinion these days, even Jordan Belfort says not to invest in bitcoin.
Could this be another bitcoin scam or should we all be moving to PR and investing in crypto?
