The former President of the United States of America; Donald Trump has come out to say that Bitcoin – the world’s most famous cryptocurrency, is a scam. He mentioned this yesterday in his interview with Fox news.
Specifically, he stated that “Bitcoin, it just seems like a scam… I don’t like it because it is another currency competing against the dollar. Essentially, it is 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 President’s statement against Bitcoin did not come as a surprise to many as this was not the first time he’d express contempt towards the currency and cryptocurrency at large.
In July of 2019, Trump who is known for his controversial bans against Chinese companies as well as his widely-frowned administration, expressed his feelings about Bitcoin. He stated that he was neither a fan of Bitcoin nor the idea of cryptocurrencies.
The volatility of prices in the crypto market, according to the former President, is one of the major reasons for his dislike towards Bitcoin and cryptocurrencies. He mentioned that the value of cryptocurrencies was based on “thin air” and they were not enough to qualify as money.
Trump’s administration, if extended, would have put in strict anti-cryptocurrency policies. The former President allegedly instructed Steve Mnuchin; the Treasury Secretary during his administration, to “go after Bitcoin”. During the last days of his term, the Treasury Department came about with policies and regulations aimed at scrutinizing self-hosted wallet. These policies, however, have been expanded by the current administration with the Internal Service Revenue (IRS) planning solutions to close the loopholes with which citizens avoid paying tax or evading tax payment.
Although the former President continues to decry Bitcoin and cryptocurrency, it is still quite a relief to see congress-people like Rep. Warren Davidson and Senator Cynthia Lummis advocating for crypto wallet privacy rights, as the attention of anti-crypto policy makers seem to have shifted towards ransom-ware as attacks on them have become a reoccurring event.
Bitcoin and other cryptocurrencies continue to be embraced by individuals and businesses as a means of storing wealth and completing transactions. The benefits of cryptocurrency are quite endless and they will continue to thrive amidst the negative comments. Pro-cryptocurrency advocates continue to say that people speaking against cryptocurrency are doing so out of personal sentiments and fear, and that cryptocurrency is here to stay.