dailyhodl.com 18 h Reading time: ~2 m
Investor and financial author Harry Dent just issued a massive warning about both crypto and the stock market.
In a new interview on the David Lin Report, Dent says an incoming crash will devastate Bitcoin and equity investors – and clear the way for BTC’s emergence as the future of the global economy.
Dent says the coming crash will likely happen by July, and its impact on Bitcoin will echo the dot-com crash of Amazon in the early days of the internet. And once the smoke clears, Dent believes BTC will rise like a phoenix.
“[After the crash], people will say Bitcoin was just total BS. It was just a big hoax.
No – it’s exactly what Amazon and the dot-coms did. [The crash] will even prove to me more that this bubble – the size of this crypto bubble – says this is not a joke. This is the next big thing happening. It mirrors and and echoes the the.com bubble perfectly…
The crash should be equally bad, 95% to 96%, which is how Amazon and the dot-coms went down. And then Bitcoin will have the great a great boom for decades to follow.”
According to Dent, Bitcoin’s 2021 rise to an all-time high of about $69,000 was just the beginning, and its future will be fueled by the rise of Millennials.
“This is just the baby bubble in a longer boom that will not peak until the 2030s, when US Millennials peak in their spending cycle…
And it’s not [just] Bitcoin. Bitcoin is just kind of the lead dog here. Blockchain is a way of reconstructing all financial services. It is basically a revolution, particularly in financial services… this is a wealth revolution. This is a a revolution in financial services being ushered in by blockchain technology.”
As for when Dent’s prediction will come to fruition, he says the coming crash will happen by July.
And although he’s also bullish on Ethereum and its utility, Dent says Bitcoin has already beaten gold, and it’s sheer size and brand recognition will ensure it remains the market leader.
“I see Bitcoin becoming the standard for a digital global economy. Gold in the past was this monetary standard in a in a more material less information intensive economy. Gold cannot be that standard. It’s not the new economy.
Bitcoin is the new economy and it’s big enough to be that standard, and that’s that’s why I see Bitcoin will survive because otherwise ethereum does a lot more useful stuff than Bitcoin.”