Donald Trump, the former President of the United States, initiated a harsh round of attacks against Bitcoin on Monday, calling it a scam against the American dollar. He also said that the regulators of the country should take action to monitor and investigate. During an interview with Stuart Varney on the Fox Business Network, the former president increased his criticism against crypto.
Asked about his thoughts about Bitcoin, Trump said that he doesn’t like that digital currency because it seems like a scam. He highlighted his belief that the world’s currency should be the dollar. Ex-President also asked the investigative agencies to monitor cryptocurrencies, saying they should be regulated very, very high.
His remarks appeared to drive a fall in the value of Bitcoin as its price plunged by more than 1.3 percent from $36472 to $35973 one hour after the interview. By 11:00 am ET, Bitcoin’s price bounces back to just around $36000. It is not the first time that the ex-Republican president voiced negative comments about Bitcoin.
Bitcoin’s price fell by almost $10000 in 2019 when then-president Trump said he was not a fan of Bitcoin and cryptocurrencies. John Bolton, the former Trump governmental National Security Advisor, also said on Monday that the former president, on different occasions, spoke to Steve Mnuchin, the Treasury Secretary, about the illegalization of cryptocurrency.
Trump is the Only Billionaire to Oppose Crypto
While several wealthiest Americans are keen about the price of Bitcoin, Trump is the only billionaire to voice doubt or oppose crypto. Warren Buffet also criticized Bitcoin, a point of view previously echoed by Charlie Munger, the Vice-Chairman of Berkshire Hathaway, who called it bad and disgusting for civilization.
During a May panel, Munger said that he didn’t welcome a currency that is so beneficial to criminals and kidnappers. The overall damn progress is filthy and contrary to the civilization interests.