According to economist Harry Dent, Bitcoin is the “next big thing,” but it will crash like dot-coms.
Bitcoin is the ‘next big thing,’ but it will collapse like the dot-com bubble, says economist H. Dent in an interview with Robert Kiyosaki.
***
- Economist Harry Dent argues that Bitcoin is the next big thing
- Said it will collapse like dotcoms though, then grow
- He compared it to what happened to Amazon after the dot-com crash.
Economist Harry Dent, founder of HS Dental Publishing and well-known financial newsletter writer, was in an interview on finance influencer Robert Kiyosaki’s show on his show Rich Dad Radio Show This week. There he argued that cryptocurrencies are the ‘next big thing’, but the growth of the market will reflect the dotcom bubble that caused the collapse of stocks such as amazon before reaching record levels.
As Dent said on the show, the fall of Bitcoin could be interpreted as the end of the crypto market, but the economist emphasized that this would not be the case.
“I compare cryptocurrencies, Bitcoin just like Amazon, the new dot com retailers that were the rave only in the latter part of the 90’s bubble, and were the epitome of that. Amazon led that bubble and crashed 95%…before hitting 3,500 in the next boom.”said.
first did not understand
It happens to many that they do not want to invest in crypto because they do not understand it. Don’t worry: the same thing happened to Dent, according to him. The economist shared how he got into crypto after he initially didn’t understand the concept. He explained:
“I didn’t get it myself, until at my own conference some guy defined crypto as the digitization of all financial assets and money. And I say, what is bigger than the GDP six, seven times, all the financial assets in the world? And I’m like, oh! This is a big problem. This is the next big thing.”
If you want to see the full interview you can do it here:
teeth before
It is worth noting that this is not the first time that Dent has spoken and given forecasts about crypto. Last May he spoke about the situation of the cryptocurrency market and warned that Bitcoin it could drop as low as $3,000 before exploding to $500,000 in a future market boom.
“It’s going to crash and I think Bitcoin could go down to $3,000 or $7,000 and then go to half a million or a million in the next global boom [para 2037]. So that’s going to be the purchase of a lifetime, but I wouldn’t touch it with a 10-foot pole even 50% here.”
Although it is important to say that so far, even with the current crisis, Bitcoin has managed to hold on to the $20,000 barrier, although it is more than three times lower than its highest price of $68,744.03 in November 2021, according to the graphics of CryptoMarkets.
Sources: Rich Dad Program, Finbold, File, Archive
version of DailyBitcoin
Picture of unsplash edited
WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.
