Controversial internet pirate and Bitcoin enthusiast Kim Dotcom is urging everyone to invest in gold and Bitcoin as the US government increases its debt by $1 trillion every year and will not be able to pay it off. According to Dotcom, debt will destroy the United States and create a global economic collapse.
While Dotcom himself is a controversial figure, his argument isn't entirely without merit, given that the federal deficit has risen 20% over the past 10 months, according to a recent report from the Congressional Budget Office, as reported by The Hill. From Oct. 1 to July, spending exceeded revenue by $682 billion, up $116 billion from the same period in the previous fiscal year.
The growing deficit was fueled by Trump's decision to cut taxes and increase spending, who hoped the tax cuts would lead to stronger economic growth, higher tax revenues and a smaller deficit. Although the US economy grew 4.1% in the second quarter, experts say the figure would need to be much higher to reduce the deficit. The deficit is expected to reach US$793 billion at the end of the year and approach US$1 trillion in 2019. The biggest increase in annual expenses is Internet debt service payments. If this continues, in 30 years debt servicing costs will exceed defense and social security costs.
Many agree with Dotcom and say that the US dollar is already worthless. Some believe that the solution to this problem may be to eliminate the US central bank. Others think that the debt will be restructured and that the restoration of the "production hole" caused by the North American Free Trade Agreement will improve production and lead to stronger economic growth.
Dotcom, meanwhile, continues its battle with the US government, which in 2012 accused Dotcom of copyright infringement, money laundering and racketeering. In the case of the Megaupload file hosting service, the jury made a negative decision for Dotcom, as a result of which the site was closed, the defendant’s house was searched, and Dotcom himself is now hiding in New Zealand, trying in every possible way to avoid extradition to the United States.
According to https://www.ccn.com
You May Also Like
Tetras Capital provides investment advice
Tetras Capital, a hedge fund specializing in blockchain, cryptocurrencies and digital assets, recently announced that they are going to sell ETH and invest in BTC. Interestingly, the publication about this appeared shortly before the recent surge in the price of the cryptocurrency market, when Bitcoin broke through the $7,000 mark. This could be a sign of a bull run, which would certainly benefit Bitcoin investors.
Bicycle rental through the LN cryptocurrency micropayment system
A regular 28-inch shift bike can be converted into an e-bike with a flick of the wrist with a conversion kit from YOSE Power (Ebay) that can be used to transact on the Lightning Network.
