Trump calls Bitcoin a ‘scam against the dollar’ that needs to be ‘very high regulated’
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Former President Donald Trump called Bitcoin a “scam against the dollar” and urged US regulators to take action to monitor it on Monday.
During an interview with Stuart Varney on the Fox Business Network, Trump was asked about his thoughts on cryptocurrency and the US stock market, which the ex-president said he was avoiding currently as well.
“Bitcoin, it just seems like a scam,” Mr Trump said.
“I don’t like it because it’s another currency competing against the dollar,” Mr Trump continued. “I want the dollar to be the currency of the world.”
TRUMP TODAY 🌞
— poetWOAgun (@poetWOAgun) June 7, 2021
Varney: Mr President what do you think of Bitcoin?
Trump: it just "seems" like a scam. I don't like it because its competing against the U.S. Dollar 💵 and i want the dollar to be the currency of the world pic.twitter.com/zund7whn2I
The comments are some of the harshest from a current or former US official about cryptocurrency and its viability as an alternative to standard currency, though the former president made similar dismissive comments about Bitcoin and efforts from Facebook to develop its own cryptocurrency in 2019.
In posts to his now-deleted Twitter account, Mr Trump assailed Bitcoin and other cryptocurrencies as “highly volatile” in July of 2019, while adding that he was “not a fan” of them.
“Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he added at the time.
Bitcoin’s price dipped slightly as news of the former president’s comments hit social media Monday morning, and sat just below $36,000 per coin at the time of this publication.
The former president’s comments followed a conference hosted by supporters of Bitcoin in Miami, Fla. over the weekend, videos of which made it onto Twitter as the event descended into chaos when a supporter of the rival Dogecoin currency stormed the stage and was removed by security.
Bitcoin conferences operate at a different level pic.twitter.com/Zz3UQokomH
— Aaron Levie (@levie) June 5, 2021
DEVELOPING
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments