Former US President Donald Trump: 'Bitcoin is a scam'

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Former US President Donald Trump has once again voiced his criticism of Bitcoin (BTC), this time calling it a scam.

In an interview with FOX Business on June 7, Trump commented:

“Bitcoin is like a scam […] I don’t like it because it’s another currency that competes with the dollar. It is basically a rival to the dollar. I want the dollar to be the currency of the world, that’s what I always say.”

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/CXjALsJmXx

— August Takala (@AugustTakala) June 7, 2021

This new statement by Mr. Trump is no different from his previous view on the largest cryptocurrency. In July 2019, while in office as President of the United States, Trump stated that he was not a fan of Bitcoin and cryptocurrencies.

At the time, the former US President cited price volatility as a major reason for his anti-crypto stance, saying that cryptocurrencies are not money and that their value is “very volatile.” .

As Cointelegraph previously reported, the Trump administration has sought to enact policies to tighten its grip on cryptocurrencies, with a leaked rumor suggesting that Trump has ordered Treasury Secretary Steve Mnuchin to “destroy Bitcoin.”

In the final days of Trump’s term, the US Treasury Department rocked the cryptocurrency market with controversial regulations aimed at monitoring self-hosted wallets. These policies have been further expanded by the Joe Biden administration, where the Internal Revenue Service is also looking to close tax loopholes related to cryptocurrencies.

However, pro-crypto congressmen like Senator Cynthia Lummis and Congressman Warren Davidson continue to advocate for crypto wallet privacy.

Earlier in May, the Biden administration conducted a review of loopholes in existing crypto rules following the recent sharp downturn in the market.