Former President of the United States of America, Donald Trump has explained why he hates Bitcoin.
The immediate past U.S President revealed his reason during an interview with Fox TV on Monday.
Donald Trump said he is not a fan of Bitcoin because of the threat the number one cryptocurrency poses against the U.S dollar.
“Bitcoin just seems like a scam…I don’t like it because it is another currency competing against the dollar. Essentially it’s a currency competing against the dollar. I want the dollar to be the currency of the world, that is what I have always said.”
Donald Trump said that the hegemony status of the USD should remain permanent.
Former Pres. Trump: “Bitcoin, it just seems like a scam. I don't like it. I want the dollar to be the currency of the world.” pic.twitter.com/y3e3CgKnOe
— Alex Salvi (@alexsalvinews) June 7, 2021
However, this does not mark the first time the ex-U.S President would voice his hate for Bitcoin.
Back in 2019, Trump explained that Bitcoin and other cryptocurrencies should not be regarded as money describing the value of BTC as something based on thin air.
The irony in Donald Trump 2019 hate declaration for Bitcoin
Back in 2019, when Donald Trump was still the president of America, he expressed his hate for cryptocurrencies which had a very positive impact on the price of Bitcoin rather than a negative one.
According to the ex-U.S president, crypto is not money, it’s value is based on thin air, it’s highly volatile, and it facilitates illegal activity like drug trade.
However, despite bashing crypto back then, his bad publicity for the coin turned out to be good returns in value.
Donald Trump made Bitcoin and other cryptocurrencies more popular by publishing about it to his 62 million followers back then. The tweet in hours already had 12,300 retweets, 41,000 likes, and not less than 12,600 comments.
The cryptocurrency markets experienced an uptrend,with BTC gaining over $400 in three hours after a significant downturn before Trump’s bashing.
Stellar, Cardano, and Binance Coin which gained 8.1%, 4.7%, and 8.3% in 24 hours, respectively gained most from Trump’s bashing.
Furthermore, according to Google Trends, US searches for the term “bitcoin” significantly increased from 41 to 100 after Trump’s tweets.
Donald Trump is only one out of many other world leaders that have voiced their dislike for Bitcoin and other cryptocurrencies. Many are yet to come to terms with the nature of volatility cryptocurrencies operate under but always express their disgust about the coin being used to perform illegal transactions.
Some of these leaders include China’s Xi Jiping, Angela Merkel of Germany, Emmanuel Marcon of France among others.
On the flip side many of these world leaders have embraced blockchain technology and believe it is a technology that can aid further development.