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Donald Trump calls Bitcoin a scam and wants dollar to be the world currency

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Donald Trump

Highlights:

  • Donald Trump called Bitcoin a scam.
  • Bitcoin down 10% after Trump calls it a ‘scam’ against the dollar.
  • He wanted the dollar to be “the currency of the world”.

After climbing to an all-time high of $64,000 in mid-April, the world’s largest cryptocurrency  market cap lost almost half of its value. On June 8, the largest digital currency’s value declined by 10.05 percent to end at $32,095.61 in the 24-hour trading. With this, its market value stood at $600.57 at 10.40 pm (IST). Bitcoin’s 24-hour high trading was recorded at $35,899.85.

Donald Trump said in an interview :

“Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar … I want the dollar to be the currency of the world. That’s what I’ve always said.” He also called US watchdogs to take action and said cryptocurrencies should be monitored closely and regulated highly.

“I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto-assets can facilitate unlawful behavior, including drug trade and other illegal activity”.

Trump reiterated, “My opinion is that the currency of this world should be the dollar, and I don’t think we should have all of the bitcoins of the world out there,” I think they should regulate them very, very high.”

Neil Wilson, chief market analyst for Markets.com said:

Contradicting Trump‘s statement, they said:

“Bitcoin is definitely not a currency and neither a threat to the dollar. It is more like an investment, a stock, or a bond. America exerts influence over the world is predominantly by the dollar, and it’s not going to give that up, so I don’t see Bitcoin as a threat.”

He says that to qualify as a currency, it must have the following functions:

  • A unit of account
  • Provide a good store of value
  • Be a means of payment.

“Governments don’t like other people creating money – they’ve seemed to tolerate crypto-currencies for some time, but they will eventually get their own digital currencies established and will squeeze Bitcoin out into the margins.”

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