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Trump slams Bitcoin, thinks it could be “a scam”
Crypto News

Trump slams Bitcoin, thinks it could be “a scam”

Saudu Clement
Saudu Clement

Former U.S. President Donald Trump has no intention to invest in Bitcoin. According to him, the leading cryptocurrency “seems like a scam” that is threatening the dominance of the U.S. dollar.

In a Monday interview with Fox Business, Trump was quizzed on his plans to invest in the leading cryptocurrency. In response, he disclosed that he hadn’t invested in Bitcoin because it ‘just seems like a scam,’ adding that “it’s another currency competing against the dollar.”

The news does not come as a surprise. Back in 2019, Trump in a widely-shared tweet expressed his disapproval for cryptocurrencies when he said that they are “not money” and their value is “highly volatile and based on thin air.”

Meanwhile, the current president of the United States, Joe Biden, has not explicitly called out Bitcoin or cryptocurrencies. However, it appears that the Treasury is taking steps to tax the asset class. In May, the Internal Revenue Service (IRS) presented a proposal that would require crypto investors to report all transfers worth over $10,000.

In his interview with Fox Business, Trump said that he wanted the dollar to be “the currency of the world.” Ironically, while the U.S. is still trying to make up its mind on what to do with cryptocurrencies, El Salvador has taken the lead and is pushing to make Bitcoin a legal tender in the country.