Former U.S. President Donald Trump says he doesn’t like bitcoin as a result of it’s a forex that competes with the greenback, which he desires to be the forex of the world. He calls bitcoin a rip-off and desires cryptocurrency to be very closely regulated.
Trump Thinks Bitcoin Is a Rip-off, Desires Heavy Regulation on Crypto
Donald Trump talked about bitcoin in an interview with Fox Enterprise Monday. Responding to a remark that he doesn’t like bitcoin and he wouldn’t put money into it, Trump stated the cryptocurrency “looks like a rip-off.” He famous that when he was president, the value of bitcoin was solely $6,000, a lot decrease than it’s now, including:
I don’t prefer it as a result of it’s one other forex competing towards the greenback, primarily it’s a forex competing towards a greenback. I need the greenback to be the forex of the world. That’s what I’ve all the time stated.
The previous U.S. president additionally talked about bitcoin in response to questions relating to latest cyberattacks on main corporations.
Emphasizing a number of occasions in the course of the interview that “the forex ought to be the greenback,” he defined that “when you have got issues like that on the market, what occurs is, you actually lose one thing.” He added:
It takes the sting off of the greenback and the significance of the greenback.
Trump reiterated, “My opinion is that the forex of this world ought to be the greenback, and I don’t assume we must always have the entire bitcoins of the world on the market,” elaborating: “I feel they need to regulate them very, very excessive.”
Trump has by no means been a fan of bitcoin. In July 2019, when he was nonetheless the president of the US, he commented about bitcoin and cryptocurrencies usually in a sequence of tweets:
I’m not a fan of bitcoin and different cryptocurrencies, which aren’t cash, and whose worth is very unstable and primarily based on skinny air. Unregulated crypto belongings can facilitate illegal habits, together with drug commerce and different criminality.
The previous president additionally focused Libra, the crypto venture proposed by social media big Fb. Libra is now known as Diem. Trump’s tweet says: “Fb Libra’s ‘digital forex’ can have little standing or dependability. If Fb and different corporations need to turn out to be a financial institution, they have to search a brand new banking constitution and turn out to be topic to all banking rules, identical to different banks, each nationwide and worldwide.”
Trump concluded his sequence of tweets with: “We’ve just one actual forex within the USA, and it’s stronger than ever, each reliable and dependable. It’s by far essentially the most dominant forex wherever within the World, and it’ll all the time keep that means. It’s known as the US greenback.”
What do you concentrate on Trump’s feedback on bitcoin and the U.S. greenback? Tell us within the feedback part beneath.
Picture Credit: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This text is for informational functions solely. It isn’t a direct supply or solicitation of a proposal to purchase or promote, or a suggestion or endorsement of any merchandise, companies, or corporations. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the writer is accountable, immediately or not directly, for any harm or loss prompted or alleged to be attributable to or in reference to the usage of or reliance on any content material, items or companies talked about on this article.