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Donald Trump on bitcoin: "It just seems like a scam"

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Shivangi Mujumdar Follow


Jun, 08 2021

Jun, 08 2021

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that former U.S. President Donald Trump is yet not convinced from Bitcoin. He called it a scam He states that the dollar should continue as the “currency of the world.” 


That's the view of former President Donald Trump, who told FOX Business on Monday that Bitcoin. It seems like a "scam" and the euphoria nearby the world's largest cryptocurrency is watering down the U.S. dollar. 


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Bitcoin has dropped from its record high of $64,829 to $36,000. Its level is still up about 23% year-to-date. By comparison, the Wall Street Journal's dollar index is little altered this year. 


Trump, through his tenure in the White House, supported both a strong or weak dollar. When the dollar is weak, it is more pretty and cheaper for foreign countries to buy U.S. goods. Through his long battle with China, Trump often accused the nation of keeping its currency. The yuan is purposely low to make exports cheaper. 


Bitcoin and other cryptocurrencies continue unregulated within the U.S. financial system. Securities and Exchange Commission Chairman Gary Gensler has signed he supports digital currencies. 


Former President saying- 


Trump's remarks are in line with his previously espoused views on Bitcoin. Certainly, back in July 2019 while in office, Trump specified that he was not a fan of Bitcoin and crypto. 


At the time, Trump recognized price volatility as the main point for his anti-crypto stance while affirming that cryptocurrencies were not money and that their worth was based on “thin air.” 


The concluding days of the Trump management also saw the Treasury stir the pot with debated regulations intended at monitoring self-hosted wallets. This Trump-era rule has become even further extended by the administration of Joe Biden. It was with the Internal Revenue Service also observing to close crypto-related tax loopholes. 


The talk about cryptocurrency regulations in the United States appears to have shifted toward ransomware. As the new center for the anti-crypto crowd in Washington. A spate of ransomware attacks in the U.S. is probably accountable for the new narrative shift. 

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Shivangi Mujumdar

CBW - External Analyst


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