Trump Supports Dollar, Calls Bitcoin a Scam

 Former United States President Donald Trump has once again criticized Bitcoin (BTC).

 


 

"Bitcoin, it looks like a scam. I don't like it because it's another currency that competes with the dollar. Basically, it's a currency that competes with the dollar. I want the dollar to be the currency of the world, that's what I've always said." Cointelegraph, Tuesday (8/6/2021).

Trump's comments are in line with his previously held views on Bitcoin. Indeed, in July 2019 while in office, Trump stated that he was not a fan of Bitcoin and crypto.

 

At the time, Trump identified price volatility as a key point for his anti-crypto stance while stating that cryptocurrencies are not money and that their value is based on "thin air".

As previously reported by Cointelegraph, the Trump Administration is specifically seeking to enforce an anti-crypto policy, with Trump allegedly telling former Treasury Secretary Steve Mnuchin to "go after Bitcoin".

The final days of the Trump Administration also saw the Treasury Department churning out the pot with controversial regulations aimed at monitoring self-hosted wallets. This Trump-era policy has been further expanded by the Joe Biden administration, with the Internal Revenue Service also looking to close tax loopholes related to cryptocurrencies.

However, pro-crypto congressmen such as Senator Cynthia Lummis and Rep. Warren Davidson continues to advocate for crypto wallet privacy rights.

The conversation around cryptocurrency regulation in the United States appears to have shifted towards ransomware as the new focus for the anti-crypto crowd in Washington. A spate of ransomware attacks in the US is likely responsible for the new narrative shift.

Back in May, Cointelegraph reported that the Biden Administration was examining gaps in crypto rules that existed after the recent price drop in the market. 


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