Kim Dotcom: A Major Crash Is Required For Crypto To Gain Popularity

Internet entrepreneur Kim Dotcom asserted that a “great crash” would promote the use of cryptocurrencies as a common form of payment rather than encourage speculation.

Following a dramatic sell-off, he commented as cryptocurrency prices plummeted significantly on Friday. The price of Bitcoin (BTC) fell by almost 4% to $21,130, marking a three-week low. The second-largest cryptocurrency in the world, Ethereum (ETH), fell $168, or 9%, to $1,640.

Internet freedom advocate Kim stated on Twitter that “the huge fall is needed for crypto to go mainstream through use instead of speculation.” When you are liberated from your oppressors, freedom can blossom on a decentralized level.

Cryptocurrency prices decrease – Kim Dotcom

The recent recovery in U.S. equities on signals that inflation pressures may be receding helped Bitcoin rise above $25,000 for the first time since its mid-June lows of $17,500.

Due to anticipation for its highly anticipated network upgrade, which is tentatively scheduled for September 15, Ethereum’s price has increased by more than double to more than $2,000 in the past month.

The market’s “predisposition to oscillations” may have contributed to the most recent decline in cryptocurrency values, which also affected popular assets like Binance coin (BNB), Solana (SOL), and Cardano (ADA).

The German-Finnish businessman and political activist Kim Dotcom has previously called the American economy “beyond bankrupt.” Additionally, he has a highly negative outlook on the state of the world economy.

Kim Dotcom once mentioned a potential “New World Order” that would “transition into a new dismal future where the elites are the masters of the slaves without the cosmetics of democracy,” as well as other related topics.

But in addition, he has advised his 860,000 Twitter followers to purchase bitcoin and bitcoin cash, partly because he thinks the U.S. dollar will lose all of its value and the world’s economy would implode. The most recent piece of advise from Dotcom is to use cryptocurrency as regular cash.

For a very long time, supporters of cryptocurrencies have been anticipating widespread acceptance. President of the United States Joe Biden issued an executive order in March outlining his administration’s plans for dealing with the cryptocurrency market in 2022.

According to observers, the executive order adopted a “fundamentally positive approach toward crypto” and has been generally considered as a key to widespread adoption. It covered a variety of themes, including consumer protection and financial stability.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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