Economist Harry Dent predicts Bitcoin's imminent collapse
Economist Harry Dent, speaking to author and investor Robert Kiyosaki on the Rich Dad channel, said that three of the most important financial charts – Bitcoin, the Nasdaq 100 and Nvidia – are showing signs of impending collapse.
Dent is known for his research into long-term market cycles. He believes that the rapid rise of assets linked to technology, cryptocurrency, and artificial intelligence (AI) has reached a point where a crash is almost inevitable. With the dollar weakening and inflationary pressures rising, markets are approaching their biggest reset, the economist believes. Although tech giant Nvidia remains among the leaders in the AI space, with the company’s shares set to explode in 2024 and 2025, Dent believes that Nvidia’s trajectory is unsustainable.
“I have three charts on my desk: Nasdaq 100, Bitcoin, and Nvidia. All three are up, but in a downward channel. That tells me we're very close to a peak, which could be a hard sell-off. We've had a lot of stimulus, new technology has been very strong, but now the cycle is pointing to a correction,” Dent said.
The economist believes that cryptocurrency is also “in the crosshairs.” As recently as mid-August, Bitcoin was hovering above $115,000, while Ethereum was trading at $4,300 — but cryptocurrencies remain vulnerable to capital outflows. Dent acknowledged that cryptocurrencies are the decentralization and automation of traditional finance. However, this revolutionary process is still in its infancy, meaning that cryptocurrencies are highly volatile.
“Bitcoin may change the world, but it will not escape the coming crash. As much as I love AI and Bitcoin, there could be a significant downturn in the next couple of years that will clear the market of excess and set the stage for real growth,” the economist said.
Robert Kiyosaki agreed with Dent's statements, as he himself has repeatedly warned followers on social media about the impending economic collapse. Kiyosaki urged viewers not to hold “fake money” such as US dollars, but to switch to gold and silver.
Kiyosaki recently said that Bitcoin could save the world from a new Great Depression, and earlier spoke about the “August Bitcoin curse” that investors could benefit from.
Source: cryptonews.net
