Kim Dotcom is an infamous internet pirate and famous tech entrepreneur who already had the world’s attention even as a teen. Also a bitcoin advocate, Kim has urged US citizens rather begin to invest in bitcoin (BTC) and gold, than USD because of the unbelievable amount of debt the United States Government is accruing every year at an incredible rate.
The massive debt, with $1 trillion just added last year, would never be paid, according to Kim’s tweet. And this will consequently result in a global economic collapse. He is not the only one in this belief though has many US economists also believe the debt has no likelihood of being maintained or repaid. Kim was bullish in his evaluation in one of his tweets:
“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.”
Dotcom even went as far as predicting the US dollars not to worth more than ‘toilet paper’ in coming years. Is he right?
Can A Prankster Be Trusted?
Kim Dotcom might be full of controversies and internet mischief, but his predictions and warnings are probably not unlikely; they just might be the truth. This is considering the uncomfortable fact that the federal deficit, within the last ten months, has risen to a whopping 20%, according to the recent report released by the Congressional Budget Office.
From Oct. 1 of last year to July 2018, the rate of expenses and spending has exceeded revenue by $682 billion.
The sudden explosion of debts is most probably due to the recent GOP law; President Trump’s tax cuts and the congregational agreement to increase expenses and spending. The President had earlier said that the introduction of tax cuts would lead to stronger economic growth and higher tax revenue.
Although, as predicted by Trump, the U.S. economy did grow about 4% in the second quarter, this is relatively adequate according to economists.
According to statistics and predictions, the deficit already accrued would be hitting heights of$793 billion by the end of 2018 and $1 trillion by next year.
A lot of users have agreed with Dotcom on twitter, with some already calling the USD ‘worthless,’ while a few still believe the US government would always find a way to turn things around.