‘It’s Going To Zero’—Legendary Billionaire Predicts ‘Rapid, Cataclysmic’ U.S. Dollar
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Bitcoin
BTC
has surged back this year, topping its previous all-time high as traders brace for a China game-changer.
The bitcoin price has bounced back from a recent low of $15,000 per bitcoin to climb over $70,000 per bitcoin alongside a gold price boom (that’s been put down to a shock Federal Reserve inflation warning).
Now, as the bitcoin halving supply cut is set to cause price chaos, legendary bitcoin billionaire Tim Draper has issued a “cataclysmic” U.S. dollar prediction—warning the dollar will collapse by 2030.
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The U.S. dollar has come under pressure in recent years as the bitcoin price has rocketed … [+] higher—with some issuing U.S. dollar collapse predictions.
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“Sometime in the next seven years, I think that we will have that cataclysmic event,” Tim Draper, who has made billions from his $18 million 2014 purchase of almost 30,000 bitcoin from the U.S. government, told Cointelegraph.
“I hope anybody who’s watching this is trying to at least have some bitcoin so that they can feed their family during the time when the dollar goes to zero.”
Draper predicted the U.S. dollar will go the way of the Confederate dollar after the U.S. civil war, eventually becoming “completely worthless” and triggering bank runs.
“There will be a moment in time, and I don’t know whether it’s a day or a month or maybe over the course of two months or something, but I don’t know when it will start, whether it’ll be a year or five years or whatever, maybe even ten years out,” Draper said. “But it’ll happen very rapidly.”
Meanwhile, the looming bitcoin halving—currently scheduled for April 20 and bitcoin’s fourth such supply cut that will see the number of new bitcoin issued to so-called miners who maintain the network fall to 3.125 bitcoin from 6.25 currently—could push the bitcoin price higher.
“If you’re an investor in the stock market, they say don’t bet against the Fed,” Draper said. “If you’re a bitcoin buyer, don’t bet against the halving. It changes everything. The supply shrinks, the demand increases and the price goes up. That’s natural economics, supply and demand,” Draper said, adding “we could see $250,000 by the end of the year”—something that would give bitcoin a market capitalization of $5 trillion.
Fears over the future of the U.S. dollar have been swirling as U.S. debt recently hit $34 trillion and is predicted to add another $1 trillion every 100 days, according to Bank of America analysts who predicted bitcoin is set for a “blowout year” as a result.
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The bitcoin price has surged to over $70,000 this year, making bitcoin a $1.3 trillion asset and … [+] triggering a wave of bullish bitcoin price predictions.
Forbes Digital Assets
The Covid pandemic, supply chain-destroying lockdowns and huge stimulus spending sent inflation spiraling out of control in 2022, which The Black Swan author Nassim Taleb warned could create a “death spiral” for the U.S. dollar which the Federal Reserve is unable to prevent.
Last month, the chief executive of the world’s largest asset manager BlackRock
BLK
issued an “urgent” warning over the growing $34 trillion U.S. debt pile—which some think has become a “powerful” bitcoin price driver.
In February, legendary investor Jim Rogers warned the massive $34 trillion U.S. debt pile means a looming recession will be “the worst in [his] lifetime.”
Last year, Jefferies’ analysts predicted the U.S. Federal Reserve will be forced to restart its money printer in 2024 due to a steep economic down turn, potentially collapsing the U.S. dollar and fueling a bitcoin price boom to rival gold.
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This article was originally published by a www.forbes.com . Read the Original article here. .