Former President Trump calls Bitcoin a scam, competing with the Dollar

The former president Donald Trump has revealed in an interview that he thinks that Bitcoin is a scam.
His stance comes as no surprise having blasted and attempted to “go after” the digital while in office.

In an interview with Fox, former president Trump has commented about the stock market and Bitcoin. On top of revealing that he is not invested in the stock market since he thinks prices are too high, he further discussed investing in Bitcoin. Trump called out Bitcoin saying that he thinks it’s a scam. Furthermore, he said that he doesn’t like it because it’s another currency competing with the dollar.
Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar.
Like most politicians, the former president believes that the dollar should be the currency of the world. “My opinion is that the currency of this world should be the dollar, and I don’t think we should have all of the bitcoins of the world out there” he elaborated. He further called for Bitcoin and other cryptocurrencies to be regulated something that he failed himself while in office.
Since making these comments, Bitcoin has taken a dive wiping out more than 10 percent in the last 24 hours. In its descend, Bitcoin has managed to drag a majority of other coins with it and the total market cap has fallen by more than 10 percent to set base at the $1.5 trillion support.
Donald Trump’s comments come as no surprise after making critical remarks while in office. At the time, the president stated that he was not a fan of Bitcoin and other cryptocurrencies. He further added that cryptocurrencies are used to facilitate illegal acting activities such as buying drugs. Despite his criticism, it was clear to him that he could not ban cryptocurrencies.
President Trump successor takes a stronger stand
While Trump’s successor President Joe Biden has been silent about cryptocurrencies, his administration has shown stronger interest than Trump. Already, there is a proposal from Treasury to bring in more stringent crypto taxations. It is also reported that the administration is working on new regulations for the industry.
In a more recent development, it has been revealed that president Biden plans to discuss cryptocurrencies in the upcoming G-7 meeting. This follows increased popularity in the adoption of digital currencies and their use in criminal cases such as the Colonial Pipeline hack. In this specific case, the FBI has already identified some Bitcoin addresses that received the ransom and is currently holding their private keys. This is yet another reason why the market is in jitters as investors worry that the agency might dump the asset in the market in the coming days.

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