Harry Dent Expecting Major Crisis In Gold And Predicts Bright Future For Bitcoin

Bitcoin Cryptocurrency News Price Analysis

Commodity Market Disaster on the Way

Kito News recently interviewed the founder of HS Dent, Harry Dent, and enquired from him how he sees the future. His opinion was particularly sought on the futures of digital currencies and Gold.

Dent was of the view as per his analysis he is expecting a major crisis to happen very soon. He even went on to suggest that the crisis he is speaking of would be the worst the world has ever seen so far.

Dent claimed that a possible crisis would take a heavy toll, particularly upon the commodities markets, and destroy lead assets. He is of the view that Gold would be the major sufferer of the commodity markets’ crisis.

Of course, what has been suggested by Dent is contrary to what has been predicted by the majority of the worldwide gold bugs.

According to many gold bugs, the asset of 2023 is going to be ‘yellow metal’ i.e. Gold which would also outshine cryptocurrencies.

Gold versus Bitcoin

Prior to Dent’s shocking predictions, it was Peter Schiff, an acclaimed investor and gold bug, who also made his predictions about Gold.

Schiff said that ‘in the not too distant future Gold would shine while Bitcoin is not even in the picture’.

He explained that Gold’s shine would be due to its undisputed qualities of being ‘a hedge against inflation’. He also believes that the dollar would continue to be devalued and, hence, Gold’s rise is guaranteed.

Bitcoin is regarded as Gold’s competitor only when Bitcoin became one of the most commendable sources of long-term investment. Otherwise, worldwide investors were, and continue to be, fond of Gold investment.

Gold is in a million asset which is heavily relied upon by global investors as a worthy store of value.

Even Mad Money’s host, Jim Cramer, advised investors that if they want to survive in the future, then they must invest in Gold today.

He also believes that inflation would increase exorbitantly while the economic crisis would worsen further.

Dent’s Disagreement with Gold Bugs

However, Dent strongly opposes what the majority of gold bugs have been predicting. In fact, he firmly believes that Gold would lose value extensively in the next one and a half years.

He commented that Gold is no more a store of value as it used to be. He predicted that very soon Gold’s value would decline significantly from $1,000 to $900 only.

Like many renowned economists, Dent also is held in high esteem. The majority of his predictions have come true previously and he is accredited to identifying economic downturns before they even occurred.

As regards the ongoing situation, Dent believes that the recent crisis is the mother of all bubbles.

Challenging Year Ahead

Dent is of the further view that 2023 wouldn’t be a great year and suggested that 2024 would be more challenging than 2023.

He is expecting stock markets to go unthinkably low which, according to his analysis, is likely to happen in mid-2024.

He further said that there is a possibility that in the near future, the world would again see NASDAQ Index fall below 10,088.

It may be noted that the worst performance ever put up by NASDAQ was 10,088.

What Dent is suggesting to happen soon is a ‘crisis of a lifetime’ meaning that NASDAQ is going to break its lowest record.

Engineered Boom of Stocks in the Past

It may be noted that stock markets were booming for more than a decade i.e. from 2009 onwards.

It is now known to all that the stock market boom was ‘engineered’ rather than ‘organic’. The US Federal Reserve was personally engineering stock markets and helped the market in significantly increase its size.

The bubble however busted in 2021 and stock markets crashed and lost all that was engineered by US Federal Reserve.

Bitcoin in Dent’s Future

On the other hand, Bitcoin has a bright future in Dent’s future prediction.

However, before Bitcoin takes off, he is expecting a massive crash. Dent is eying for Bitcoin’s value to drop below $3,250 which was Bitcoin’s value prior to Covid pandemic.

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