Finnish-German entrepreneur and activist, Kim Dotcom has recently tweeted out a statement that appears to result from President Trump’s decision to increase tariffs. In particular, the U.S has recently received heat from other countries due to new changes, which make trading difficult.
As the trade war between the US and the rest of the world begins sell stocks and buy crypto.
Markets will drop ☎️📉🕳
— Kim Dotcom (@KimDotcom) July 6, 2018
Ever since Kim Dotcom found out that tariffs were imposed on Chinese goods that are valued at $34 million USD, he took to his social media account in an attempt to induce a “war” between U.S and the rest of the world.
His tweet went as follows:
“As the trade war between the U.S and the rest of the world begins sell stocks and buy crypto. Markets will drop.”
Many mixed comments were made following this post. While some users agreed with the plan, calling it a well-thought out idea, an equal number of users found it to be the complete opposite. So why aren’t people for Kim Dotcom’s idea? Why not make the stock market crash?
By selling off stocks, a large trade war would occur forcing the U.S to be outnumbered by the many countries that would clearly be against it. Evidently, this would drive the world economy down, however, based on Dotcom’s idea, the alternative would be to invest into cryptocurrencies, as a safeguard against possible crashes.
What follows next is why many are against Kim Dotcom’s views. While it is true that cryptocurrencies have made a difference in how we perceive payment methods and similar exchanges, the associated volatility is not measurable. This causes a problem, as one’s investments might depreciate in the next couple of years.
As much as many oppose Trump’s decision on tariffs, bringing down the stock market will not be in favor, as it will also bring one’s hard-earned money down, given one follows Kim Dotcom’s advice to invest in cryptocurrencies. This is not to say that the digital currencies are a doubtful type of asset, but based on the present uncertainty, making such a risky move does not seem realistic.