Internet industry magnate and financial markets prognosticator Kim DotCom says now is the time to buy bitcoin in light of the Chinese stock market meltdown and a worsening outlook for the global economy as a whole.
Big trouble in china
The Chinese financial markets have had a long, hard summer. Since June 12, domestic market bubbles have burst, forcing massive action to counter it by the People’s Bank of China, which is majority-owned by the Chinese Government.
Last month, when the primary Shanghai Index fell over 8%, the People’s Bank of China devalued the renminbi by almost 2%. This level of market manipulation has previous been only reserved for the American market and now Kim DotCom is throwing gasoline into the fire, tweeting:
Is the China bubble ready to pop? A significant global stock market correction is imminent? Get some #Bitcoin. Just in case. Thank me later.
— Kim Dotcom (@KimDotcom) August 24, 2015
DotCom’s previous fortune telling has had mixed results. During the beginning of the “Grexit” crisis several weeks ago, he said the “markets will crash.” Since he used the word “markets,” implying more than one, which usually includes the Read more ... source: Cointelegraph