Trump calls Bitcoin a scam, advocates for dollar hegemony

Former United States President Donald Trump has as soon as once more slammed Bitcoin (BTC).

Showing on FOX Enterprise on Monday, the previous president remarked:

“Bitcoin, it simply looks as if a rip-off […] I don’t prefer it as a result of it’s one other forex competing in opposition to the greenback. Primarily, it’s a forex competing in opposition to the greenback. I need the greenback to be the forex of the world, that’s what I’ve all the time mentioned.”

Trump’s feedback are consistent with his beforehand espoused views on Bitcoin. Certainly, again in July 2019 whereas in workplace, Trump acknowledged that he was not a fan of Bitcoin and crypto.

On the time, Trump recognized worth volatility as a significant level for his anti-crypto stance whereas stating that cryptocurrencies weren’t cash and that their worth was based mostly on “skinny air.”

As beforehand reported by Cointelegraph, the Trump administration particularly sought to enact anti-crypto insurance policies, with Trump allegedly telling former Treasury Secretary Steve Mnuchin to “go after Bitcoin.”

The ultimate days of the Trump administration additionally noticed the Treasury stir the pot with controversial laws geared toward monitoring self-hosted wallets. This Trump-era coverage has turn into even additional expanded by the administration of Joe Biden, with the Inside Income Service additionally seeking to shut crypto-related tax loopholes.

Nonetheless, pro-crypto congresspeople like Sen. Cynthia Lummis and Rep. Warren Davidson proceed to advocate for crypto pockets privateness rights.

The dialog round cryptocurrency laws in the US appears to has shifted towards ransomware as the brand new focus for the anti-crypto crowd in Washington. A spate of ransomware assaults within the U.S. is probably going accountable for the brand new narrative shift.

Again in Might, Cointelegraph reported that the Biden administration was examining gaps in existing crypto rules in the wake of the recent price downturn in the market.