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Former U.S. President Donald Trump says he does now no longer like bitcoin due to the fact it's miles forex that competes with the greenback, which he desires to be the forex of the sector. He calls bitcoin a rip-off and needs cryptocurrency to be very closely regulated.

Trump Thinks Bitcoin Is a Scam, Wants Heavy Regulation on Crypto

Donald Trump pointed out bitcoin in an interview with Fox Business Monday. Responding to a remark that he does now no longer like bitcoin and he might now no longer put money into it, Trump stated the cryptocurrency “looks as if a rip-off.” He mentioned that once he turned into president, the rate of bitcoin turned into best $6,000, a whole lot decrease than it's miles now, adding:

I don’t adore it due to the fact it’s any other forex competing in opposition to the greenback, basically, it’s forex competing in opposition to a greenback. I need the greenback to be the forex of the sector. That’s what I actually have usually stated.

The former U.S. president additionally pointed out bitcoin in reaction to questions concerning current cyberattacks on main businesses.

Emphasizing numerous instances at some stage in the interview that “the forex ought to be the greenback,” he defined that “if you have such things as that out there, you realize what takes place is, you actually lose something.” He added:

It takes the threshold off of the greenback and the significance of the greenback.

Trump reiterated, “My opinion is that the forex of this global ought to be the greenback, and I don’t assume we ought to have all the bitcoins of the sector out there,” elaborating: “I assume they ought to modify them very, very high.”

Trump has by no means been partial to bitcoin. In July 2019, whilst he turned into nevertheless the president of the US, he commented approximately bitcoin and cryptocurrencies in standard in a chain of tweets:

I am now no longer partial to bitcoin and different cryptocurrencies, which aren't money, and whose price is pretty risky and primarily based totally on skinny air. Unregulated crypto property can facilitate illegal behavior, consisting of drug exchange and different unlawful activity.

The former president additionally focused on Libra, the crypto task proposed with the aid of using social media massive Facebook. Libra is now referred to as Diem. Trump’s tweet says: “Facebook Libra’s ‘digital forex’ can have little status or dependability. If Facebook and different businesses need to emerge as a bank, they need to are seeking for a brand new banking constitution and emerge as a problem to all banking regulations, similar to different banks, each countrywide and international.”

Trump concluded his collection of tweets with: “We have best one actual forex withinside the USA, and it's miles more potent than ever, each reliable and reliable. It is with the aid of using a long way the maximum dominant forex everywhere withinside the World, and it's going to usually live that way. It is referred to as the US greenback.”