Donald Trump, immediate past US President has come down hard again on Bitcoin maintaining that it is a scam this time around while speaking on Fox Business. Donald Trump has been one of few critics who have been advocating against the use and adoption despite the traction and acceptance it is gaining in countries and among the public. In fact, two days ago, El Salvador, a central American country, sought to make Bitcoin legal tender along with the US Dollar.
During his interview with Fox Business on Monday, he clamoured for control of the US Dollar. He said he preferred the US Dollar being the “currency of the world.” In his words, he maintained that Bitcoin just seems like a scam. That he doesn’t like it because it is another currency competing against the dollar. He said that Bitcoin is a currency competing against the dollar and that he wants the dollar to be the number one currency of the world. Trump’s views on Bitcoin are similar to that of Warren Buffet who has been severely critical about Bitcoin.
Trump’s new critique against Bitcoin comes on the heels of his previous comments against the cryptocurrency. During his tenure and while still the US President, in July 2019, he had strongly asserted that he was not a proponent of Bitcoin and cryptocurrency. Without doubt, he has been consistent with his views against Bitcoin and cryptocurrency generally. Perhaps we could see him have a change of heart on his stance against Bitcoin in years to come like the likes of Michael Saylor who has continually endorsed the widespread adoption of Bitcoin since saying Bitcoin was a ‘bubble that would soon burst” in 2013.
Trump’s Gives Reason for Anti-crypto Opinion
Trump had given a major reason for being anti-crypto in 2019, saying it was as a result of the volatility in price while also maintaining that the value of cryptocurrencies was informed by “thin air” and that they were not by any means money.
While still in office, it was reported that he specifically wanted to introduce anti-crypto laws and had reportedly told Steve Mnuchin to “go after Bitcoin”. The last days of Trump’s tenure were rife with controversial attempts by the Treasury to enact regulations directed at spying on personal crypto wallets. Joe Biden’s administration seems to have continued in Trump’s stead following the IRS’s (Internal Revenue Service) intention to block crypto-related tax gaps.
Despite this, Congress members like Senator Cynthia Lummins and Rep. Warren Davidson who endorsed crypto have continued to clamour for privacy rights on crypto wallets. Moreover, lately, there have been reports of ransomware attacks in the US which is now the major highlight prompting the calls for crypto regulations by the anti-crypto folks in Washington. There has been an increase in ransomware attacks in the US in recent times.
Also, in May, it was reported that the current US administration was looking at capitalizing on loopholes in extant crypto regulations following the recent decline in the prices of cryptocurrencies.
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