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Trump calls Bitcoin “A Scam”

Photo of: Joseph Stone
by Joseph Stone

In a broadcast on Fox News, former US President Donald Trump declared Bitcoin a scam against the dollar. An hour after his statement, the price of Bitcoin fell by 1.3%, from $36,472 to $35,973. Yet the cryptocurrency was in a good momentum after El Salvador decided to make BTC its second national currency.

Many seem surprised by the statement of the former US president. In reality, it is not too surprising. Back in 2019, Donald Trump had already made it known that he was not a fan of Bitcoin and other cryptocurrencies because they were too volatile and based on wind. At that time, his words triggered the plunge in the value of BTC to around $10,000 on the stock market.

Forbes reports that former U.S. National Security Advisor John Bolton revealed that Trump had repeatedly asked his Treasury Secretary Steve Mnuchin to look into regulating cryptocurrencies.

Decidedly, politicians are not too fond of cryptocurrencies. Janet Yellen had suggested the idea of a regulatory framework for cryptocurrencies. The same is true in Europe. The authorities do not look favorably on the emancipation of cryptos. We don’t need to remind you of the position of the Middle Kingdom, whose reaction has boosted the price of Bitcoin as well as other cryptocurrencies.

He doesn’t like to be called a politician or compared to the model of the Washington establishment elites. Trump prefers to present himself as one who stands up for the interest of the American people. The America First instinct or position does not seem to have emerged from Trump’s dialectic.

Speaking with Stu Varney of Fox Business, Trump said:

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 with the dollar, it’s basically a currency competing with the dollar. I want the dollar to be the world’s currency. That’s what I’ve always said.

From this statement, you don’t need to be an expert in international politics or economics to understand that the man who has been the supreme manager of the dollar’s interests is against Bitcoin and other cryptocurrencies.