[Bitcoin Now] US Economist Warns of ‘Historic Crash’ for Bitcoin, Nasdaq, and Nvidia

"Current Charts Mirror Patterns Seen Before Sharp Corrections"

Harry Dent, the American economist also known as the author of the bestseller "The Demographic Cliff," has warned of a potential crash in Bitcoin and the Nasdaq.

American economist Harry Dent. Robert Kiyosaki YouTube 'Rich Dad' channel

On August 22 (local time), cryptocurrency-focused media outlet Finbold reported that Dent appeared on Robert Kiyosaki's "Rich Dad" channel, where he pointed to the charts of Bitcoin, the Nasdaq 100, and Nvidia, arguing that the economic cycle has reached its peak. Dent, an authority on long-term financial cycles, noted, "The market has experienced explosive growth in technology, artificial intelligence (AI), and cryptocurrency assets, but the current charts are showing patterns similar to the final stage before a downturn." He explained, "All three assets are on an upward trend, but remain within a downward trendline," adding, "Historically, this kind of technical situation has appeared before sharp corrections." Dent also said, "Nvidia may rise another 1 to 2 percent, but such gains are unsustainable, and a correction across technology stocks is inevitable."

He emphasized that cryptocurrencies will not be exempt from this trend. Despite Bitcoin recently surpassing $115,000 (about 160 million won) and Ethereum reaching $4,300 (about 5.95 million won), he predicted, "If risk assets become unstable, funds will flow out of cryptocurrencies." While acknowledging the innovative potential of cryptocurrencies, he argued that volatility at this stage is unavoidable. Nevertheless, Dent stated, "This crash will serve as a cleansing phase that eliminates excessive speculation and lays the groundwork for a 'real growth cycle' over the next several years."

Kiyosaki also agreed with Dent's outlook. Kiyosaki urged investors to "prepare for the biggest crash in history," and advised them to reduce investments in "fake money" such as the dollar and shift toward physical assets like gold and silver.

Robert Kiyosaki. YouTube 'Rich Dad'

In fact, since the beginning of this year, gold has risen by 28% and silver by 29%. Kiyosaki analyzed that "if a crash in the stock and cryptocurrency markets occurs as Dent predicts, these assets (physical assets) will serve as safe havens."

However, Dent had also warned of a crash in the stock and real estate markets in June of last year. In an interview with Fox News Digital, he said, "The bubble in 'everything' has not yet burst, and it could be a bigger crash than the Great Depression of 1929." He explained, "From 1925 to 1929, the bubble was natural. There was no artificial stimulus to fuel the bubble. But now, we are facing a new situation that has never existed before." He continued, "This bubble has lasted for 14 years. Unlike most bubbles that last about five to six years, this one has formed higher and lasted longer," emphasizing, "Therefore, we should expect a bigger crash than in 2008-09." At the time, he predicted that the market bottom would likely appear between early and mid-2025, forecasting that the S&P 500 Index would fall 86% from its peak, the Nasdaq 92%, and Nvidia 98%.

Meanwhile, according to data submitted by the office of Park Sunghoon, a member of the National Assembly's Political Affairs Committee from the People Power Party, to the Financial Supervisory Service on August 24, as of August 5, there were a total of 10,810 investors holding digital assets worth more than 1 billion won at the five largest domestic cryptocurrency exchanges.