During an interview with Stuart Varney of Fox Business on June 7, former US President Donald Trump doubled down on his anti-cryptocurrency position, calling Bitcoin a hoax.
Bitcoin seems to be a scam, according to Donald Trump. He went on to say that he was shocked since it was just $6,000, which was much lower. He claims that he does not like it since it is a competitive currency to the dollar. It is, in essence, a currency that competes with the dollar.
Trump says that the United States dollar should be the world’s currency and that the US does not need to hold all of the world’s Bitcoins. In his opinion, the dollar should be the world’s currency, and he does not believe they should have all of the world’s Bitcoins out there.
Trump has remarked that he believes they should be heavily regulated but that the currency should remain the US dollar.
Bitcoin’s value seemed to drop by nearly 1.3 percent in only one hour after the former president made the remarks, from $36,472 to $35,973.
Donald Trump, not crypto fan
He referred to Bitcoin and other cryptocurrencies as very volatile and said he has never and will never be a fan.
According to Donald Trump, the unregulated Crypto Assets might enable illicit activities, like drug trafficking and other illicit activities
The dollar was under pressure on Friday as investors speculated that employment growth was not robust enough to warrant the US Federal Reserve tightening its monetary policy.
There was minimal change in key currency pairings on Monday, and the S&P 500 was slightly down without any US economic data to guide it.