Former U.S. President Donald Trump says he doesn’t like bitcoin as a result of it’s a foreign money that competes with the greenback, which he desires to be the foreign money of the world. He calls bitcoin a rip-off and needs cryptocurrency to be very closely regulated.
Trump Thinks Bitcoin Is a Rip-off, Needs Heavy Regulation on Crypto
Donald Trump talked about bitcoin in an interview with Fox Enterprise Monday. Responding to a remark that he doesn’t like bitcoin and he wouldn’t spend money on it, Trump stated the cryptocurrency “looks as if a rip-off.” He famous that when he was president, the value of bitcoin was solely $6,000, a lot decrease than it’s now, including:
I don’t prefer it as a result of it’s one other foreign money competing towards the greenback, basically it’s a foreign money competing towards a greenback. I would like the greenback to be the foreign money of the world. That’s what I’ve at all times stated.
The previous U.S. president additionally talked about bitcoin in response to questions concerning current cyberattacks on main firms.
Emphasizing a number of instances throughout the interview that “the foreign money ought to be the greenback,” he defined that “when you might have issues like that on the market, what occurs is, you actually lose one thing.” He added:
It takes the sting off of the greenback and the significance of the greenback.
Trump reiterated, “My opinion is that the foreign money of this world ought to be the greenback, and I don’t suppose we must always have the entire bitcoins of the world on the market,” elaborating: “I feel they need to regulate them very, very excessive.”
Trump has by no means been a fan of bitcoin. In July 2019, when he was nonetheless the president of america, he commented about bitcoin and cryptocurrencies usually in a sequence of tweets:
I’m not a fan of bitcoin and different cryptocurrencies, which aren’t cash, and whose worth is extremely risky and primarily based on skinny air. Unregulated crypto belongings can facilitate illegal habits, together with drug commerce and different criminal activity.
The previous president additionally focused Libra, the crypto venture proposed by social media large Fb. Libra is now known as Diem. Trump’s tweet says: “Fb Libra’s ‘digital foreign money’ can have little standing or dependability. If Fb and different firms need to develop into a financial institution, they need to search a brand new banking constitution and develop into topic to all banking laws, similar to different banks, each nationwide and worldwide.”
Trump concluded his sequence of tweets with: “We’ve got just one actual foreign money within the USA, and it’s stronger than ever, each reliable and dependable. It’s by far essentially the most dominant foreign money wherever within the World, and it’ll at all times keep that approach. It’s known as america greenback.”
What do you consider Trump’s feedback on bitcoin and the U.S. greenback? Tell us within the feedback part under.
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