The Former President of the United States Donald Trump has stated his opinion on the world’s largest cryptocurrency Bitcoin, calling the cryptocurrency a scam against the dollar which has led to a dip in the prices. We weren’t expecting any endorsement from the former US president, but let’s see why he has come to this conclusion.
Donald Trump has a history of having a combative relationship with cryptocurrency overall. On Monday, he doubled down on his statement against digital assets during an interview on Fox Business Network with Stuart Varney.
When asked about his thoughts on Bitcoin, Trump antagonized the digital asset claiming it was a scam against the dollar, and regulatory agencies should thoroughly manage the cryptocurrency. Trump strongly emphasized his belief that the dollar should be the currency of the world. Trump also stated regulatory agencies should closely monitor all cryptocurrencies, and firmly stated the market should be regulated very thoroughly.
This does not mark the first time the former president of the US has voiced skeptical opinions and spoke negatively about Bitcoin and cryptocurrency overall. The price of Bitcoin fell by $10k in 2019 after Trump stated he was not in favor of Bitcoin and other digital assets. John Bolton, the former Trump administration national security advisor, stated that Trump spoke with Steve Mnuchin, the Treasury Secretary about prohibiting cryptocurrency.
Trump is not the only billionaire that is skeptical about crypto. Warren Buffet along with Charlie Munger, the Vice-Chairman of Berkshire Hathaway, has long since criticized cryptocurrency. This will not be of any bother to people who have studied crypto for some time, but this heavy influence will scare new investors from entering the space.