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Donald Trump Claims Bitcoin Is a Scam, Says It Should Be Regulated "Very Very High": Fox Business Interview

Mon, 06/07/2021 - 13:43
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Alex Dovbnya
Donald Trump has ramped up his criticism of Bitcoin since leaving the White House
Donald Trump Claims Bitcoin Is a Scam, Says It Should Be Regulated "Very Very High": Fox Business Interview
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Former U.S. President Donald Trump doubled down on his anti-cryptocurrency stance during his June 7 interview with Fox Business's Stuart Varney, going as far as lambasting Bitcoin as "a scam":

Bitcoin...It just seems like a scam. I was surprised. You know, with us it was at $6,000 (much lower). I don't like it because it's another currency competing against the dollar. Essentially, it's a currency competing against the dollar.

He claims that the U.S. dollar should be the currency of the world, adding that the U.S. does not have to own all of the world's Bitcoins:

My opinion is that the currency of this world should be the dollar, and I don't think we should have all of the Bitcoins of the world out there.

Trump also called for greater regulation of cryptocurrencies:

I think they should regulate them very very high, but the currency should be the dollar.

Democratic Nominee Joe Biden Acknowledges Bitcoin Following Large-Scale Twitter Hack

Not a fan

This is not the first time that the ex-president has dumped cold water on cryptocurrencies.

Back in July 2019, Trump tweeted that he was not a fan of Bitcoin while also criticizing the Facebook-linked Libra cryptocurrency project, which has since been renamed Diem.

Trump also personally told former Treasury Secretary Steven Mnuchin to go after Bitcoin, according to a book penned by former National Security Adviser John Bolton.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at