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Trump slams Bitcoin, it's 'a scam' doesn't like US dollar competition

Former President of the US Donald Trump has slammed Bitcoin, saying 'it's just a scam' and doesn't like its dollar competitiveness.

Published Tue, Jun 8 2021 6:06 AM CDT   |   Updated Tue, Jul 6 2021 11:00 AM CDT

Former President of the United States Donald Trump has recently slammed Bitcoin, saying that the cryptocurrency "just seems like a scam".

The former president recently appeared on Fox Business, where he was asked his thoughts on cryptocurrency. Trump doubled down on his long-standing opinion on Bitcoin, saying that "it just seems like a scam," and he doesn't like that it's competing with the US dollar. Back in 2019, while Trump was still in office, he was asked his thoughts on cryptocurrency, and he said that the value of the coins is based on "thin air".

Additionally, Trump allegedly told the now-former Treasury Secretary Steve Mnuchin to "go after Bitcoin," and in Trump's final days of office, his administration, as well as the Treasury, sought to implement regulations to wallets. President Biden has now expanded on these proposed regulations and is currently backed by the Internal Revenue Service who is looking to squash anyone who is using cryptocurrencies as an avenue to avoid tax. For more information on this story, check out this link here.

Trump's full quote: "Bitcoin, it just seems like a scam [...] I don't like it because it is another currency competing against the dollar. Essentially, it is a currency competing against the dollar. I want the dollar to be the currency of the world, that's what I've always said."

Trump slams Bitcoin, it's 'a scam' doesn't like US dollar competition 01 | TweakTown.com
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Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest news. Jak's love for technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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