BTC $43976.39 (4.93%)
ETH $3120.19 (9.15%)
USDT $1.00 (0.00%)
BCH $542.66 (5.64%)
BSV $146.19 (-0.6%)
LTC $160.36 (6.18%)
BNB $379.71 (8.02%)
ADA $2.26 (11.0%)
DOGE $0.22 (8.42%)
BTC $43976.39 (4.93%)
ETH $3120.19 (9.15%)
USDT $1.00 (0.00%)
BCH $542.66 (5.64%)
BSV $146.19 (-0.6%)
LTC $160.36 (6.18%)
BNB $379.71 (8.02%)
ADA $2.26 (11.0%)
DOGE $0.22 (8.42%)

Donald Trump Says Bitcoin Is a ‘Scam Against the Dollar’

Donald Trump Says Bitcoin Is a ‘Scam Against the Dollar’
  • Donald Trump called Bitcoin a scam during his interview with Fox News.
  • The comment comes after the news of El Salvador’s president making crypto legal.
  • The new U.S SEC chief focuses on making tougher crypto regulations.

Today, Donald Trump called Bitcoin a scam during his interview with Fox News. His comment comes after the news of El Salvador’s president making Bitcoin and other cryptos legal. Furthermore, the former US President reiterated his old stance against Bitcoin saying,

Bitcoin is a scam. I don’t like it. Seems like another currency competing against the dollar.

It can be recalled, Trump had a similar stance calling Bitcoin and other crypto assets are just scams facilitating unlawful activities. During his tenure, the crypto community experienced a regressive phase.

More so, SEC Chief Jay Clayton, elected by Trump, was recently involved in a controversy after having a passive stand on crypto regulations. Of note, Clayton rejected all Bitcoin ETFs filed after 2017. Hence, many people were celebrating the end of his tenure.

Consequently, the new SEC chief Gary Gensler was first expected to be soft on crypto regulations. However, until now, Gensler has been focusing on investor protections and making tougher crypto regulations

Meanwhile, on Twitter, the recent comment by Trump has become a meme fest. Different users were calling it a perfect Bitcoin endorsement and a buy signal. While many others think it is a chance for fence-sitters to dwell in the crypto world.

Until now, Trump is banned from some social media platforms like Facebook updating the ban for two years while Twitter maintaining its indefinite ban.

On the other hand, BTC has been having a hard time recovering since May. It is currently trading at $32,989.38 USD with a 24-hour trading volume of $43,129,732,654 USD.

The market crash was widely attributed to China banning crypto activities, as well as electric car maker Tesla announcing it would no longer accept vehicle purchases using Bitcoin.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.