Big Crash Needed for Crypto to Go Mainstream, Says Kim Dotcom
Internet entrepreneur Kim Dotcom, formerly known as Kim Schmitz, has said that a “big crash” would help mainstream crypto assets as an everyday medium of exchange rather than encouraging speculative behaviour.
His comments last Friday followed a dramatic sell-off that occurred on Friday when major cryptocurrency plummeted their prices further.
Bitcoin price dropped almost 4% to $21,130 over the weekend, marking a three-week low, while the second-largest cryptocurrency in the world, Ether, plunged 9% to $1,640.
Kim, a self-proclaimed ‘Internet freedom fighter’, stated on Twitter, "The big crash is needed for crypto to go mainstream with utilization instead of speculation. That’s when you unchain from the oppressors, and freedom has the decentralized power to flourish.”
He also urged his 860,000 Twitter followers to purchase Bitcoin and Bitcoin Cash, mainly because he believed the U.S. dollar will become worthless and the economy would collapse.
Kim Dotcom further advised people to use cryptocurrency as everyday money. “Crypto is the future. Nothing can stop this revolution. Don’t HODL. Use crypto every day,” he tweeted.
Advocating for The Advancement of Crypto
This is not the first time Kim Dotcom talked about cryptocurrency. In September last year, he showed his love for Bitcoin Cash when he named his dog ‘BCH’ to honour his support for Bitcoin Cash cryptocurrency.
Kim Dotcom is a well-known Internet entrepreneur and political activist who believes the crypto economy will continue to expand in value.
Dotcom is well known for being the former CEO of the now-defunct file hosting platform Megaupload. The U.S. government pulled down the site in 2012. Before the pulldown, Megaupload served 180,000,000 registered members.
Kim Dotcom is currently working on a content monetization application called KIM, which is seeking to democratize the benefits of cryptocurrency solutions and file hosting.
At the beginning of 2021, the KIM platform, which aims to monetize digital content, added the Bitcoin Cash blockchain to the platform. This addition came later after KIM integrated Bitcoin, Lightning Network, and Liquid Network on the platform.
In June, the 48-year-old German-Finnish Internet entrepreneur and political activist predicted a collapse of the global economy because the U.S. has massive national debts (currently $30 trillion), and the Federal Reserve prints more money to pay for things. This causes higher inflation and devalues the world reserve currency's underlying currency.
Kim Dotcom hinted that crypto assets could be the answer.
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