Cryptocurrency News

Donald Trump Detects Bitcoin, Calls BTC A Scam, Wants Heavy Crypto Regulation


Former US President Donald Trump says he does not like bitcoin because it is a currency that competes with the dollar, which he wants to become the world’s currency. He calls bitcoin a scam and wants the cryptocurrency to be heavily regulated.

Trump Thinks Bitcoin is a Scam, Wants Heavy Regulation on Crypto

Donald Trump talked about bitcoin in an interview with Fox Business on Monday. Responding to a comment that he does not like bitcoin and will not invest in it, Trump said that the cryptocurrency “seems like a scam.” He said that when he was president, the price of bitcoin was only $6,000, which is much lower than it is now, adding:

I don’t like it because it’s another currency competing against the dollar, essentially it’s a currency competing against the dollar. I want the dollar to be the currency of the world. That’s what I’ve always said.

The former US president also spoke about bitcoin in response to questions about recent cyberattacks on major companies.

Emphasizing several times during interviews that “the currency should be the dollar,” he explained that “when you have things like that, you know what, you really lose something.” she added:

This takes away the edge of the dollar and the importance of the dollar.

Trump reiterated, “I’m of the opinion that the currency of this world should be the dollar, and I don’t think we should have all the bitcoins in the world,” elaborating: “I think they should regulate them very, very should be high.”

Trump has never been a fan of bitcoin. In July 2019, while he was still the President of the United States, he commented on bitcoin and cryptocurrencies in general in a series of tweets:

I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate illegal behavior, including drug trade and other illegal activity.

The former president also targeted Libra, a crypto project proposed by social media giant Facebook. Tula is now called Dim. Trump’s tweet read: “Facebook Libra will have little ‘virtual currency’ status or dependence. If Facebook and other companies want to be a bank, they will have to seek a new banking charter and do the same thing as other banks.” Must be subject to all banking regulations, both national and international.

Trump concluded his series of tweets: “There is only one real currency we have in the United States, and it is far stronger than both trustworthy and trustworthy. It is by far the most dominant currency anywhere in the world, and it has always been the same.” It will remain like that. It’s called the United States Dollar.”

What do you think about Trump’s comments on Bitcoin and the US Dollar? Let us know in the comments section below.

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