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Donald Trump says bitcoin is a scam. Here’s why

On June 8, Bitcoin's value declined by 10.05 percent at $32,095.61 in past 24-hour trading. With this, its market value stood at $600.57 at 10.40 pm (IST), according to coindesk.com.

June 09, 2021 / 08:25 AM IST
Former United States President Donald Trump (Image: AP Photo/John Raoux)

Former United States President Donald Trump (Image: AP Photo/John Raoux)

Former United States President Donald Trump on June 7 called the cryptocurrency Bitcoin as a 'scam'. He even said that he dislikes bitcoin as it is another currency competing against the dollar.

In an interview to Fox Business Network on Monday, Trump said, "Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar ... I want the dollar to be the currency of the world. That’s what I’ve always said."

Cryptocurrency Prices Today on June 8: Bitcoin, Binance Coin & Cardano

The ex-US President's comments arrived a day after El Salvador's President Nayib Bukele's decision to formally adopt the digital currency as legal tender. This made El Salvador the first country in the world to adopt the digital currency. The decision triggered concerns among the economists and experts in the International Monetary Fund (IMF).

Meanwhile, Markets.com's chief market analyst Neil Wilson thinks Bitcoin is definitely not a currency. According to him, to qualify as a currency, Bitcoin must have a unit of account, provide a good store of value and be a means of payment.

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"I call Bitcoin more of a security, like a stock or bond. Although it's appreciated massively, it's far too volatile to be a currency - it moves around more than most stocks do," BBC quoted Wilson as saying.

Wilson don't see Bitcoin as a threat. "The means by which America exerts influence over the world is predominantly by the dollar, and it's not going to give that up, so I don't see Bitcoin as a threat whatsoever," Wilson added.

On June 8, the largest digital currency's value declined by 10.05 percent to end at $32,095.61 in the 24-hour trading. With this, its market value stood at $600.57 at 10.40 pm (IST), according to coindesk.com. Bitcoin's 24-hour high trading was recorded at $35,899.85.
Moneycontrol News
first published: Jun 8, 2021 11:04 pm

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