Donald Trump still has no love for Bitcoin
- Former U.S. President Donald Trump had some harsh words for Bitcoin in a recent interview with Fox Business Network. Trump even went as far as saying that Bitcoin “seems like a scam” to him:
“Bitcoin, it just seems like a scam. I was surprised, you know with us it was at 6,000 and much lower. 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.”
- Trump’s negative view of Bitcoin has been known for a while. In July 2019, while he was still serving as President, Trump opined that the value of Bitcoin and other cryptocurrencies was “highly volatile and based on thin air”. He added that cryptocurrencies can be used to facilitate illegal activities such as the drug trade.
- In the Monday interview with Fox Business Network, Trump also touched on the stock market, and said he believed the market was “high”, which is why he’s currently not investing in it. The S&P 500 index is currently at 4,227, which is within touching distance of the 4,232 all-time high close that was recorded on May 7.
- Bitcoin is a relatively easy target for critics at the moment, as the value of the digital asset is down over 40% in the last 30 days. However, there’s also been some encouraging developments on the fundamental side – for example, the legislature of El Salvador has passed a bill recognizing Bitcoin as legal tender.
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