Trump dismisses Bitcoin as a sham and urges for dollar dominance.

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Former US President Donald Trump is still not a fan of Bitcoin, branding it a hoax and arguing that the dollar should remain the “currency of the world.”

Former US President Donald Trump has blasted Bitcoin again again (BTC).

Appearing on FOX Business on Monday, the former president remarked:

“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’s remarks are consistent with his previously expressed opinions on Bitcoin. Indeed, while still in office in July 2019, Trump indicated that he was not a supporter of Bitcoin and cryptocurrency.

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At the time, Trump identified price volatility as a major point for his anti-crypto stance while stating that cryptocurrencies were not money and that their value was based on “thin air.”

As reported, the Trump administration deliberately wanted to implement anti-crypto regulations, with Trump allegedly urging former Treasury Secretary Steve Mnuchin to “go after Bitcoin.”

The Treasury also sparked controversy in the last days of the Trump administration with contentious regulations aimed at monitoring self-hosted wallets. This Trump-era strategy has been taken even further by Joe Biden’s administration, with the Internal Revenue Service also working to remove crypto-related tax loopholes.

Pro-crypto congresspeople such as Sen. Cynthia Lummis and Rep. Warren Davidson, on the other hand, continue to campaign for crypto wallet privacy rights.

The discourse in the United States on cryptocurrency laws appears to have turned to ransomware as the new focus for the anti-crypto movement in Washington. The new narrative change is most likely the result of a wave of ransomware assaults in the United States.

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Cointelegraph revealed in May that the Biden administration was looking for holes in current crypto legislation in the aftermath of the market’s recent price drop.

 

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