Gerald Celente, an American trend forecaster and publisher of the Trends Journal, believes that cryptocurrencies are slowly replacing fiat currencies in many places of the world. On cryptos, Celente bursts out:
“It’s a populist generations gold.”
We’ve written numerous articles on cashless societies, including Canada’s March to Cashless Society Quickens and Death of QE, Birth of Cashless Society, which dates back to 2014.
Gerald Celente on the Next Financial Crisis
“When we see the next financial crisis coming. And everyone knows it’s going to come it’s just a matter of time. You’re going to see people going into safe-haven assets. And they’re going to go into gold and cryptocurrencies.”
Furthermore,
“You already see it when there is trouble in different countries. All of the sudden they go into crypto and they go into gold.”
Moreover, Celente believes, “It’s the new millennial generations form of gold.”
While this makes sense, given gold is sometimes harder to come by than an internet connection the volatility of cryptocurrencies will scare off many potential buyers.
Also, Celente warns governments will crack down on cryptos as we’ve already seen in countries such as South Korea.
Kitco Metals’ Daniela asks Gerald when the U.S. stock market might finally correct. Celente believes it is all tied to interest rates and that if rates rise it will crush the economy and the market. He points to declining new mortgage applications.
Finally, on the price of gold, Celente predicts,
“We see gold not breaking out until it goes above $1,450. And, then it takes a ‘bitcoin bounce’, going to $2,000 and above.”
