Trump Says Bitcoin Is A “Scam” Because “It’s Another Currency Competing Against The Dollar”

Former President Donald Trump called Bitcoin a “scam against the dollar” in an interview on Fox Business Network on Monday. He also urged regulators to take action against it.

“Bitcoin, it just seems like a scam,” said Trump when asked about his thoughts on cryptocurrency and the US stock market, which he is reportedly avoiding.

“I don’t like it because it’s another currency competing against the dollar,” Trump continued. “I want the dollar to be the currency of the world. That’s what I’ve always said.”

During the interview, he also called for greater monitoring of digital currencies, saying they should be regulated “very, very high.”

This is not the first time the ex-President of the US talked about disliking cryptocurrency. Back in 2019, in posts to his now-deleted Twitter account, Trump said that he was “not a fan” of crypto assets and that they are “highly volatile.”

“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he said at the time.

Meanwhile, the crypto market remains weak and reacted negatively to Trump’s comments while failing to show strength to positive news, including El Salvador declaring Bitcoin a legal tender and MicroStrategy raising another $400 million to buy more BTC.

BTC price dropped to $35,530 on Coinbase before going back over $36k while continuing to trade in the $32k-$40k range.