Former U.S. President Donald Trump says he doesn’t like Bitcoin because it’s a currency that competes with the dollar that wants to be the world’s currency. He calls Bitcoin a scam and wants the cryptocurrency to be very tightly regulated.
Trump thinks Bitcoin is a fraud and wants strict regulation of crypto regulation
Donald Trump spoke about Bitcoin in an interview with Fox Business on Monday. In response to a comment that he doesn’t like Bitcoin and would not invest in it, Trump said the cryptocurrency “seems like a scam”. Noting that the price of Bitcoin when he was president was only $ 6,000, much lower than it is now, he added:
I don’t like it because it’s another currency that competes with the dollar, essentially a currency that competes with a dollar. I want the dollar to be the world’s currency. I always said that.
The former US president also spoke about Bitcoin in response to questions about recent cyberattacks on large corporations.
During the interview, he emphasized several times that “the currency should be the dollar,” he said: “When you have things like that out there, you know that you are really losing something.” He added:
It takes the edge and importance of the dollar from the dollar.
Trump reiterated, “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 in the world out there,” adding, “I think they should regulate it very, very much high.”
Trump was never a fan of Bitcoin. In July 2019, when he was still President of the United States, he made a series of tweets about Bitcoin and cryptocurrencies in general:
I am not a fan of Bitcoin and other cryptocurrencies that are not money and whose value is very volatile and based on thin air. Unregulated crypto assets can facilitate illegal behavior, including drug trafficking and other illegal activities.
The former president also targeted Libra, the crypto project proposed by social media giant Facebook. Libra is now called Diem. Trump’s tweet reads: “Facebook Libra’s ‘virtual currency’ will have little reputation or reliability. If Facebook and other companies want to become a bank, they must, like other banks at home and abroad, strive for a new banking charter and submit to all banking regulations. “
Trump ended his series of tweets with: “We only have one real currency in the US, and it is stronger than ever, reliable and dependable. It is by far the dominant currency around the world, and it will always be. It’s called the US dollar. “
What do you think of Trump’s comments on Bitcoin and the US dollar? Let us know in the comment section below.
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