Former US President Donald Trump Calls Bitcoin A Scam

Donald Trump, former President of the U.S., calls Bitcoin a scam and endorses that the world’s principal currency should remain the dollar.

Once again, Trump smashed Bitcoin (BTC) by stating that it is a scam. Giving an interview to FOX Business news reporter on Monday, it was expressed by the former president that it appears that it’s a scam. He further remarked that he does not like it. He mentions that it is just like other currencies, a new one that is competing with the dollar that is why he dislikes it. Trump reveals his feelings about the dollar position in the future by stating that he wishes that dollar should maintain its place as the principal currency of the globe. He endorses his statement by disclosing that he has always mentioned it in talks.

The current comments of the former president are supporting his previous statements about Bitcoin. In July 2019, Trump said about cryptocurrency and Bitcoin that he did not like them. The reason behind his anti-crypto attitude, he identified, was the fluctuation and instability in the market price of crypto. Further, he elaborated that the reality of digital currencies, since they do not have any physical existence, is that they seem to be existing only in the digital world.

The recent rumours suggest that the administration of Trump was certainly active in the implementation of the policies against cryptocurrency. Trump is also considered responsible for allegedly ordering Steve Mnuchin, the previous Treasury Secretary, for confronting Bitcoin forcefully. Trump administration, at the end of its tenure, defined some controversial regulations for the U.S. Treasury, which purposely targeted the monitoring of the self-hosted wallets. Biden administration, in addition, widened these policies of the Trump era. An instance of this expansion is the Internal Revenue Service (IRS) for strictly scrutinizing the technical and tax issues related to cryptocurrency. Nonetheless, crypto-supporters among the congresspeople, including Warren Davidson (Representative) and Cynthia Lummis, keep on advocating the privacy rights of crypto wallets.

The discussions regarding the regulations of cryptocurrency in the United States are likely to have been diverted towards ransomware which is another source of mounting hype against the cryptocurrency being the centre of attention for the anti-crypto community in Washington. A large number of ransomware attacks in the United States seem to be credited for this current narrative shift.

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