Cryptocurrency News

Trump calls bitcoin a scam, advocates for dollar hegemony

Former United States President Donald Trump has once again slammed bitcoin.B T c)

appearing on Fox Business Monday, the former president commented:

“Bitcoin, it just sounds like a scam” […] I don’t like it because it’s just another currency competing against the dollar; Essentially it is a competing currency against the dollar. I want the dollar to be the currency of the world, that’s what I’ve always said.”

Trump’s comments are in line with his earlier views on bitcoin. Indeed, in July 2019, while in office, Trump said he was Not a fan of bitcoin and crypto.

At the time, Trump identified price volatility as a key point for his anti-crypto stance, while stating that cryptocurrencies were not money and that their value was based on “thin air”.

As previously reported by Cointelegraph, the Trump administration specifically sought to “enforce anti-cryptocurrency policies” with Trump reportedly calling former Treasury Secretary Steve Mnuchingo after bitcoin

The US Treasury also saw the pot shaking in the final days of the Trump administration Controversial rules aimed at monitoring self-hosted wallets. This Trump-era policy is done Extended into Biden Administration The Internal Revenue Service is also looking to close crypto-related tax loopholes.

However, crypto-pro-Congressmen like Senator Cynthia Loomis and Representative Warren Davidson continue to advocate for crypto wallet privacy rights.

The conversation around cryptocurrency regulations in the United States seems to have shifted towards ransomware as new attention has been drawn to the anti-crypto crowd in Washington. Flood of ransomware attacks in US may be responsible for new story change.

Back in May, Cointelegraph reported that the Biden administration was Investigating gaps in existing crypto regulations In view of the recent price drop in the market.