Donald Trump, businessman and former President of the United States, says that he doesn’t like bitcoin. The reason for it is that this digital currency competes with the US Dollar, which should be the global currency. He also said that Bitcoin is a scam and the government should heavily regulate it.
Trump Wants Bitcoin to be Heavily Regulated
On Monday, in an interview with Fox Business, Donald Trump shared his views regarding Bitcoin. In reply to a comment, he revealed that he is not a bitcoin fan and would never consider investing. He added that during his time at the President’s Office, the price of bitcoin was a mere $6000, which is much lower than today. He explained that bitcoin is on the list of those currencies that are competing with the US dollar, and he always wanted the US dollar to become the global currency of any other currency out there.
When asked about his views on recent cyberattacks on various companies, he responded that the currency should be the US dollar. He thinks the presence of digital currencies in the market makes it inevitable for such things to happen. Adding to his statement, bitcoin is taking the edge off the US dollar and decreasing its importance.
According to Donald Trump, the world’s currency should be the US dollar, and there shouldn’t be much Bitcoin available in the world as it should be highly regulated.
Donald Trump never liked Bitcoin
Even in the past, Donald Trump never liked Bitcoin. In July 2019, when he was still serving as the President of the United States, he Tweeted multiple statements regarding bitcoin. He said that the reason he doesn’t like cryptocurrency is that its value is highly volatile. Because these currencies are not regulated, these can be used for several illegal activities such as drug trades and other illegal transactions.
Former Us President Donald Trump also targeted Facebook’s plans of launching its own cryptocurrency Libra, now known as Diem. He said that Facebook’s Libra wouldn’t have much dependability. If any company or Facebook wants to become a bank, they should follow standard banking regulations and obtain a banking license like other national and international banks.
He concluded his statement by saying that there is only one currency that we can rely on, and it’s renowned worldwide; this currency is called the US Dollar.
Donald Trump is not the only one having these types of views regarding cryptocurrency. Many renowned celebrities have said that bitcoin or any other cryptocurrency doesn’t have any future potential because of the volatility of the cryptocurrency and environmental issues. However, several people are also supporting the digital currency and saying that the developers of such currencies are working on making them a better and proper alternative to the traditional currency. Many notable people have invested in bitcoin and other digital currencies, and even though the value of cryptocurrency is facing a downside for the past few weeks, they are still holding on to their crypto assets, hoping that cryptocurrency will rise again and become better in the coming few months.
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Luke Handt is a seasoned cryptocurrency investor and advisor with over 7 years of experience in the blockchain and digital asset space. His passion for crypto began while studying computer science and economics at Stanford University in the early 2010s.
Since 2016, Luke has been an active cryptocurrency trader, strategically investing in major coins as well as up-and-coming altcoins. He is knowledgeable about advanced crypto trading strategies, market analysis, and the nuances of blockchain protocols.
In addition to managing his own crypto portfolio, Luke shares his expertise with others as a crypto writer and analyst for leading finance publications. He enjoys educating retail traders about digital assets and is a sought-after voice at fintech conferences worldwide.
When he's not glued to price charts or researching promising new projects, Luke enjoys surfing, travel, and fine wine. He currently resides in Newport Beach, California where he continues to follow crypto markets closely and connect with other industry leaders.