Kim Dotcom predicts US tariffs will drive cryptocurrency growth

Kim Dotcom predicts US tariffs will drive cryptocurrency growth
Kim Dotcom is predicting that Donald Trump’s burgeoning global trade war will cause stock markets to crash - and lead to a surge in cryptocurrency growth.

The internet entrepreneur took to Twitter on Friday to make his predictions as trade tensions between the US and China, and the US and the EU intensified. EU retaliatory tariffs on several US products took effect on Friday.

READ MORE: Trump trade war a ‘symptom of paranoid delusions’ – Chinese media

“Trump is putting tariffs on international imports in an attempt to make up for the income deficit resulting from his tax cuts. It’s the largest theft in history,” Dotcom said, adding that the citizens of other countries were suffering as a result of the greed of America’s one percent.

“Foreign countries and their citizens are forced to pay for US tax cuts. But they call me a pirate. LOL,“ he wrote.

Dotcom, a staunch supporter of the cryptocurrency market, believes that current circumstances will facilitate further cryptocurrency growth. He often uses Twitter to encourage his followers to invest in Bitcoin, and he has also launched his own bitcoin-based payment system, Bitcache.

READ MORE: ‘Perfect cryptocurrency’: Kim Dotcom outlines plans for new universal money

Dotcom, who holds New Zealand residency, has been fighting extradition to the US since 2012 when the US Department of Justice closed down the operations of the video sharing site he founded, Megaupload. US authorities sought the arrest of Dotcom and his partners on charges of operating an organization dedicated to copyright infringement.

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