Donald Trump Detests Bitcoin, Calls BTC a Scam, Wants Heavy Crypto Regulation – Regulation Bitcoin News
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 needs 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 put money into it, Trump mentioned the cryptocurrency “looks like 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 in opposition to the greenback, basically it’s a foreign money competing in opposition to a greenback. I need the greenback to be the foreign money of the world. That’s what I’ve at all times mentioned.
The previous U.S. president additionally talked about bitcoin in response to questions concerning latest cyberattacks on main firms.
Emphasizing a number of occasions in the course of the interview that “the foreign money needs to be the greenback,” he defined that “when you could have issues like that on the market, you recognize 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 needs to be the greenback, and I don’t assume we must always have all the bitcoins of the world on the market,” elaborating: “I believe 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 the US, he commented about bitcoin and cryptocurrencies on the whole in a collection of tweets:
I’m not a fan of bitcoin and different cryptocurrencies, which aren’t cash, and whose worth is very unstable 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 undertaking 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 wish to develop into a financial institution, they need to search a brand new banking constitution and develop into topic to all banking laws, identical to different banks, each nationwide and worldwide.”
Trump concluded his collection of tweets with: “We have now just one actual foreign money within the USA, and it’s stronger than ever, each reliable and dependable. It’s by far probably the most dominant foreign money anyplace within the World, and it’ll at all times keep that method. It’s known as the US 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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