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Trump calls Bitcoin a scam, advocates for dollar hegemony

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The 45th President of the US, Donald Trump, has once again confirmed that he has a negative attitude towards cryptocurrencies. He criticized Bitcoin in an interview with Fox Business. The businessman called the main cryptocurrency a fraud. And called on the US authorities to “very tightly” regulate the circulation of digital coins in the country. Trump explained his dislike for Bitcoin by the fact that the cryptocurrency competes with the US dollar, which, in his opinion, should become the “currency of the world”.

Back in the summer of 2019, Donald Trump, who was then president of the United States, tweeted that the dollar is the world’s leading financial instrument.

Unregulated digital assets like Bitcoin are used by criminals to launder money. At the same time, Trump emphasized that real threats to the state’s economy come from BTC and other cryptocurrencies.

Trump said that when he headed the US government, digital currency traded in the $ 6,000 area or even below that level. Recently, this coin has soared to an all-time high, which cannot but cause concern for the US authorities.

The White House must focus on keeping the dollar as the world’s leading financial instrument. As for bitcoin, regulators need to implement a tight legal framework for cryptocurrency, the former American leader said.

Naturally, supporters of cryptocurrencies and investors in cryptoassets lashed out at the former president of the United States. One of the key arguments of those who are dissatisfied with his position is that the dollar is generally not backed by anything either.

Trump’s previous remarks about Bitcoin

Trump’s new comment is in line with his previously expressed views on Bitcoin and cryptocurrencies.

In 2020, it became known that Trump, as President of the United States, planned to “do away” with Bitcoin. As well as other cryptocurrencies and stop trading in them. The head of state addressed the US Treasury Secretary Steven Mnuchin with the relevant instructions in May 2018.

In 2019, Trump spoke out for the first time about Bitcoin and Libra (now Diem). In his opinion, their value is extremely volatile and, in general, not supported by anything.

Later, former U.S. national security adviser John Bolton wrote in his memoirs that Trump had declared his dislike of digital gold back in May 2018.

Recall that, as president of the United States, Trump often wrote tweets that provoked powerful movements in the stock market. Sometimes he commented on its dynamics and even made predictions.

Current US policy regarding Bitcoin and other cryptocurrencies

Cryptocurrency investors have long sought to get official Washington to notice and recognize the importance of Bitcoin. And thereby give legitimacy to “cryptoassets” as a true class of investment assets. It turned out the other way around. Last week the White House recognized the importance of Bitcoin and other cryptocurrencies, but instead of support promised problems to those behind these “cryptoassets”, effectively declaring a regulatory war on them.

Obviously, politicians see uncontrolled or “corporate” cryptocurrencies as an obvious threat to the state and, indirectly, to national currencies, including the US dollar.