Internet entrepreneur and political activist Kim Schmitz a.k.a. Kim Dotcom urges public to invest in bitcoin before USD becomes obsolete.
Comparing future USD to toilet paper, Kim tweeted this in the response to a tweet from the news source “The Hills”, which reported that the federal deficit had jumped 20 percent after GOP tax law.
According to the news report, the federal U.S. deficit jumped 20 percent in the first 10 months of the 2018 fiscal year while spending outpaced revenue between the beginning of the fiscal year, on Oct. 1, and July by $682 billion, $116 billion more than the same period in last fiscal year.
At the time of this writing, the U.S. National Debt is about 21.34 trillion dollars, surpassing every country on the list. The External Debt to GDP ratio is at 96.138%, ballooning the deficit.
While christening USD as the next toilet paper may sound harsh but the reasoning behind this dubbing is not out of place. U.S. Debt has exploded over the past few months. From January this year to July, the government debt has grown to almost one trillion dollars. That’s a 1 with seven zeroes. While the tax cuts President Trump signed into law at the end of last year, as well as a bipartisan agreement to boost spending can be blamed for this uncontrollable spiral, the debt doesn’t seem to level out.
Dotcom has been a persistent critic of the U.S. government tax policies and a fan of cryptocurrency. His official account on twitter has been bashing government for quite sometime now.
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
Earlier, in response to Finance Minister of Russia’s “We have significantly reduced our investment in U.S. assets. In fact, the dollar, which is considered to be the international currency, becomes a risky tool for payments”, Dotcom quoted, “The U.S. debt burden has become unmanageable. Watch USD when China drops U.S. debt.”
Kim Dotcom mentions in his tweet that people have to “Prepare for collapse” with “Gold and Bitcoin.”
On 9th August he tweeted:
Trump was handed an Empire on life support. No trade deal, no economic growth, no tariff or war can save this patient. Top economists around the world agree that US debt is unsustainable. There is no sugar coating this. US Empire is broke. Prepare for collapse. Gold and Bitcoin.
— Kim Dotcom (@KimDotcom) August 9, 2018
Kim also predicted the replacement of paper money by cryptocurrency and blockchain to replace government and bank control of money as a part of “the plan”.
The plan:
Crypto to replace paper money
Blockchain to replace govt and bank control of money
Encryption and open source to replace Deep State spying
Decentralized social networks to replace Deep State networks
Truth to replace lies and deception
People get their power back
— Kim Dotcom (@KimDotcom) August 9, 2018
U.S. authorities are currently seeking to extradite Kim Dotcom to the US on fraud charges related to Megaupload. Dotcom rejects all of the accusations.
