October 2, 2022

Bitcoin Price Dips After Trump Says Bitcoin ‘Seems Like A Scam’

3 min read

Former US President Donald Trump claims that he dislikes bitcoin due to the fact that it is a rival to the dollar, which he wishes to be the world’s currency and advised United States regulators to act to monitor it.

Trump Thinks Bitcoin Is A Scam

Trump was asked about his viewpoint on cryptocurrency and the United States stock exchange during an interview with Stuart Varney on the Fox Business Network, which the ex-president mentioned he was avoiding as well. Trump stated:

“Bitcoin, it just seems like a scam. I

don’t like it because it’s another currency completing versus the dollar.” Trump repeated, “My viewpoint is that the currency of this world ought to be the dollar, and I don’t believe we ought to have all of the bitcoins of the world out there,”

elaborating:”I think they need to manage them extremely, extremely high.”The former president also singled out Libra, a cryptocurrency owned by social media giant Facebook. Diem is the new name for Libra. According to Trump’s tweet, “Facebook Libra’s ‘virtual currency’ will have little standing or dependability. If Facebook and other companies want to become a bank, they should seek a new banking charter and become based on all banking policies, just like other banks, both nationwide and worldwide.”

Trump concluded his series of tweets with: “We have only one genuine currency in the USA, and it is stronger than ever, both reliable and reputable. It is without a doubt the most dominant currency throughout the World, and it will constantly remain that method. It is called the United States dollar.”

Trump’s comments appeared to drive a dip in Bitcoin’s worth as its rate fell by over 1.3% (from $36,472 to $35,973) in the hour after the interview.

BTC price slumps
BTC/USD cost has actually plunged below$33k. Source: TradingView. Related article|Bitcoin Bumps Higher as Trump Calls For Bigger Stimulus Than Democrats Not The

First Time

This isn’t the very first time Trump has voiced a negative opinion about Bitcoin. The cost of the crypto fell by about $10,000 in 2019 after the then-president stated he wasn’t a “fan of Bitcoin and other cryptocurrencies.” Previous Trump administration National Security Advisor John Bolton likewise stated Monday the ex-president “on a number of celebrations” spoke with Treasury Secretary Steve Mnuchin about disallowing cryptocurrency.

In posts to his now-deleted Twitter account, Mr Trump assailed Bitcoin and other cryptocurrencies as “highly unstable” in July of 2019, while adding that he was “not a fan” of them.

“Unregulated Crypto Assets can assist in unlawful habits, consisting of drug trade and other prohibited activity,” he added at the time.

The former president’s remarks came after a conference sponsored by Bitcoin supporters in Miami, Fla., over the weekend, with videos of the occasion becoming viral after a fan of the competing Dogecoin currency assaulted the phase and was removed by security.

Related article| Bitcoin Weekly Outlook: Expect Gains as Trump Signs Stimulus Bill

Featured image from Pixabay, Charts from TradingView.