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Home Tech Donald Trump Said Bitcoin Is A Scam, But Is He Right?

Donald Trump Said Bitcoin Is A Scam, But Is He Right?

by Vanessa Waithera
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Donald Trump said Bitcoin is a scam, is he right, for once?

Former United States President Donald Trump is the latest to express his views on cryptocurrency. During an interview on June 7, Donald Trump called Bitcoin a scam and clearly expressed his feelings about the crypto saying that he dislikes Bitcoin as it is another currency competing against the dollar. Trump added that he wants the dollar to be the currency of the world.

Trump said, in an interview to Fox Business Network said:

“Bitcoin, it just seems like a scam. I don’t like it because it’s another currency competing against the dollar … I want the dollar to be the currency of the world. That’s what I’ve always said,”

El Salvador President Nayib is already adopting it.

Donald Trump’s statement a day after El Salvador President Nayib Bukele decided to formally adopt the digital currency as legal tender. Bukele said on Saturday that he will send a bill to Congress next week to make bitcoin legal tender in the Central American nation, touting its potential to help Salvadorans living abroad send remittances home.

Bukele said in a video shown at the Bitcoin 2021 conference in Miami:

“In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy,”

This makes El Salvador the first country in the world to adopt digital currency. The decision has been taken with few concerns by the International Monetary Fund (IMF).

On the issue of remittances, Bukele said that currently:

“A big chunk of those 6 billion dollars is lost to intermediaries. By using Bitcoin, the amount received by more than a million low income families will increase in the equivalent of billions of dollars every year.”

Bitcoin had been on a dream run over the last 12 months before witnessing a decline last month.

The dip came after Elon Musk announced that Tesla will not be accepting Bitcoin payments for its cars and expressed concerns around its environmental concerns. Iran also banned Bitcoin mining for four months following blackouts in different parts of the country.

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