(Image source: https://expansion.mx/economia/2018/01/25/despues-de-la-caida-cual-es-el-futuro-para-el-bitcoin)
Economist Harry Dent predicts that Bitcoin will drop below USD $3.000 in the coming years, and that it will eventually reach USD $500.000.
Dent spoke specifically on the current state of the cryptocurrency market, predicting that Bitcoin might drop as low as USD $3.000 before plummeting to USD $500.000 in the future.
"Bitcoin is about to crash, and I believe it will drop to USD $ 3.000 or $ 7.000, then rise to a million or a million in the next world inflation rate [in 2037]." As a result, that will be the purchase of a lifetime, but not with a ten-foot post or even a fifty percent here."
"The world is going to warm up to Bitcoin over time." Bitcoin will be the new digital standard for money, and that will be the standard, as well as other cryptocurrencies. I believe Bitcoin will become the global standard. Still isn't there, isn't big enough, isn't widely accepted, but I believe it will be the one that stands out."
He insisted that the stock markets had taken a dive and will remain in a bear market until 2024, and that the Federal Reserve, or Fed, will be powerless to intervene.
"I believe the market has already reached bottom on January 4 for the S& 500, and we're heading lower," Dent said. "And the Federal Reserve will discover that its charade of something for nothing failed in the end, and the public will only learn about it when things fall apart."
Despite the fact that the stock market has performed well in recent decades, Dent believes that this is misleading.
"People now believe they can only go up," Dent explained. "You have to be ecstatic about it, right?" The history shows a 40% drop in the number of women in the workforce.
According to him, the Federal Reserve's "money printing" has kept the economy afloat till now. However, when the crisis arrives, it will be far worse than most people believe.
"We're almost ready to enter a session... There is no gentle aterrizaje here. La Fed is hoping for this. They have no understanding of economic trends... We're so overburdened, the biggest blizzard in the world... Puedes I won't keep a corpse running."