Kim Dotcom thinks cryptocurrencies will go mainstream with use when they break free from oppression through decentralization. Although he predicted that elites would become masters, he suggested buying BTC and BCH as the US dollar might lose its value.
Kim Dotcom, a German-Finnish Internet entrepreneur, recently said a significant drop would help spread cryptocurrencies as an exchange medium rather than encourage speculative behavior.
The businessman recalled that the crypto market fell sharply following a sudden sell-off. The price of Bitcoin (BTC) has dropped by around 4% to USD 21,130, its lowest level in more than three weeks. Meanwhile, the value of Ether (ETH), the second-largest cryptocurrency, decreased by 9% to USD 1,640.
Dotcom, self-proclaimed as an Internet freedom fighter, thinks cryptocurrencies need a large crash to go mainstream with use rather than speculation. He explained that this occurred after breaking free from oppressors and allowing freedom to flourish through decentralized power.
The Prices of Cryptocurrencies Are Dropping
The price of BTC recently broke above USD 25,000 for the first time since its USD 17,500 low of mid-June. A rally in US stocks amid signs that inflationary pressures might ease helped it happen.
The long-awaited Ethereum Merge scheduled for September 15th has caused the price of ETH to rise to more than USD 2,000 over the last month.
The willingness of the market to fluctuate might have led to the latest drop in cryptocurrency prices. Leading crypto assets like Binance Coin (BNB), Solana (SOL), and Cardano (ADA) have also fallen.
Sebastian Menge, the COO of burn-to-earn platform Fitburn, said this happens due to often over-indebted settlement cascades responding to large long trades.
The executive explained that liquidated leverage reflected on cryptocurrency prices across the board. He said that market makers usually seek liquidity, driving the price up or down to settle trades.
He Recommends Using Cryptocurrencies rather than HODLing Them
The Finnish-German businessman and political activist commented that the US economy was beyond bankruptcy. Likewise, he expressed that he felt pessimistic about the future of the global economy.
Dotcom predicted a New World Order where he intended to move into a new dystopia where elites are masters without the cosmetics of democracy.
However, he suggested buying BTC and Bitcoin Cash (BCH), as the US dollar might lose its value. Finally, he advised that people use cryptocurrencies as a payment method every day.
He highlighted that nothing could stop the revolution of cryptocurrencies, so he recommended not HODLing them.
Advocates of crypto assets have waited for their mass adoption for a long time. In March, US President Joe Biden issued an executive order on the industry explaining how he planned to deal with it.
The executive order, covering various topics that include consumer protection and financial stability, took a positive approach to cryptocurrencies. That led many observers to view it as a crucial factor in adopting them as a mainstream payment medium.
The pioneering cryptocurrency is worth around USD 21,436 and has accumulated a 0.9% gain over the last 24 hours. While its daily trading volume is above USD 22.32 billion, its market capitalization is about USD 410.04 billion, according to CoinGecko.
By Alexander Salazar
