Saturday, December 2, 2023

Donald Trump Lashed out at Bitcoin Called a Scam against Dollar

Former US President Donald Trump will be the last to express his views on cryptocurrencies. In a June 7 interview, Donald Trump described Bitcoin as a scam and made clear his feelings about crypto. Trump added that he wanted the dollar to be the world’s currency.

Asia’s largest digital currency traded down nearly six percent, hitting $32,770 in Hong Kong on Tuesday (around 8:30 a.m. IST), according to Bloomberg.

“Bitcoin, looks like a scam. I don’t like it because it’s another currency that competes with the dollar… I want the dollar to be the currency of the world. I’ve always said that,” Donald Trump said in an interview to Fox Business Network on Monday

Donald Trump remarks on bitcoin

Donald Trump’s remarks came a day after El Salvador’s President Nayib Bukele officially decided to accept digital currency as legal tender.

Bukele said Saturday that he will send a bill to Congress next week to make bitcoin a legal tender in the Central American state. He is highlighting its potential in helping Salvadorans living abroad send remittances home.

Regarding remittances, Bukele said that “a large part of that $6 billion currently lost to intermediaries”.

Using Bitcoin will increase the amount that more than one million low-income families receive by the equivalent of billions of dollars every year. “

While his claims that Bitcoin competes with the US dollar are sure to be questioned by experts. He is not alone in his dismal vision of cryptocurrencies.

Bank of England Governor Andrew Bailey said cryptocurrencies “have no intrinsic value”. He urged potential investors to “only buy them if you will to lose all your money”.

Ironically, China’s Trump archemesis initiated large-scale cryptocurrency restrictions, even though the country is a major global hub for bitcoin mining.

In addition, Elon Musk’s fan, Tesla, took the awkward decision to accept Bitcoin as a means of payment for his car.

Bitcoin had been inactive for the past 12 months before taking a dip last month. The decline came after Elon Musk announced that Tesla would not accept Bitcoin payments for its cars.

He expressed concern about its environmental concerns. Iran has also banned Bitcoin mining for four months following the disruption in various parts of the country.

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Contrary to Trump’s remarks, chief market analyst Neil Wilson said bitcoin was clearly neither a currency nor a threat to the dollar, the BBC reported.

According to him, Bitcoin is more of an investment, a stock or a bond, the report says. “The means that America uses to influence the world are mostly dollars and won’t give up, so I don’t see Bitcoin as a threat at all,” he told the BBC.

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