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Kim Dotcom: A Big Crash Is Needed For Crypto To Go Mainstream

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Kim Dotcom: A Big Crash Is Needed For Crypto To Go Mainstream

Internet entrepreneur Kim Dotcom said a “big crash” would help mainstream cryptocurrencies as a daily medium of exchange, instead of fueling speculative behavior.

He spoke as cryptocurrency markets Suddenly falls Friday, after a sudden sell-off. Bitcoin (BTC) fell about 4% to $21,130, its lowest level in more than three weeks. Ethereum (ETH), the world’s second-largest digital currency, fell 9%, or $168, to $1,640.

“The big crash is needed for crypto to go mainstream with use instead of speculation,” Kim, a self-proclaimed “internet freedom fighter,” said on Twitter. “That’s when you detach yourself from the oppressors and freedom has the decentralized power to flourish (sic).”

Crypto prices fall

Bitcoin recently surged above $25,000 for the first time since bottoming out at $17,500 in mid-June, helped by a rally in US stocks amid signs inflation the pressures could ease.

Over the past month, Ethereum has doubled its price to over $2,000, boosted by expectations of its highly anticipated network upgrade tentatively scheduled for September 15.

The last drop crypto prices, which also saw top assets including Binance coin (BNB), Solana (FLOOR), and gimbal (ADA) down, may be the result of the market’s “fluctuation proneness”.

“These things are happening and the reason for that is that liquidation is chaining in response to huge long trades that are often over-leveraged,” Sebastian Menge, founder and COO of the burn-to-earn platform fitburnsays Be[In]Crypto.

“When leverage is liquidated, it is reflected in the prices of crypto assets across the board. Normally, market makers look for liquidity and in doing so they tend to drive the price up or down to close out trades.

“Use crypto, not HODL”

Kim Dotcom, the German-Finnish entrepreneur and political activist, formerly critical the US economy as “beyond bankruptcy”. He is also very pessimistic about the future of the global economy.

At one point, Dotcom spoke of a coming “new world order” and how it aims to “move into a new dystopian future where the elites are masters of the slaves without the cosmetics of democracy.”

But he also urged his 860,000 Twitter followers to buy bitcoin and bitcoin cash, mainly because he thinks the US dollar will become worthless and the economy will collapse. Dotcom’s final piece of advice is that people use crypto as everyday money.

“Crypto is the future. Nothing can stop this revolution. Do not HODL. Use crypto every day,” he tweeted.

Cryptocurrency proponents have been waiting for mass adoption for a long time. In March, the US President Joe Biden has issued an executive order regarding the crypto industry and how his administration intends to interact with it in 2022.

Observers said the executive order, which covered a range of topics including consumer protection and financial stability, took a “fundamentally positive approach to crypto” and was loosely seen as the key to widespread adoption.

To be[In]The Last of Crypto Bitcoin (BTC) analysis, Click here.

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