Donald Trump Calls Bitcoin "Scam", Says Dollar Should Be Currency Of The World

Controversial former president, Donald Trump, has come for Bitcoin one more time by claiming to see the digital coin as a "scam" which only threatens the dominance of the US dollar.

In an interview with Fox News, Trump, who happens to be a businessman, said,

"Bitcoin, it just seems like a scam doesn'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."

These comments by Donald Trump sent the price of Bitcoin, which already has been struggling, dipping in value by about 1.3% from $36,472 to $35,973 in just an hour.

Bitcoin, which is the number one digital coin in the world, has been steadily dropping since May. The coin, which was trading at around $50,000 dropped to as low as $32,000 in May, hours after Elon Musk made the announcement that his electric-vehicle company Tesla, was no longer accepting Bitcoin as payment, after putting the coin as a payment option in March.

Another reason for the Bitcoin drop has been clampdown from regulatory bodies around the world, especially China, which joined the list of countries to ban banks and other payment firms from enabling cryptocurrency transactions.

This isn't the first time Donald Trump has publicly voiced his lack of support for Bitcoin. In 2019 while he was still president, he clearly stated that he wasn't a fan of Bitcoin and other cryptocurrencies. That singular statement led to the fall in the price of Bitcoin of about $10,000. During his administration, John Bolton, who was the National Security Advisor revealed that the former president spoke to Steve Mnuchin, Treasury Secretary, about banning the cryptocurrency.

Bitcoin has gone down in the past 24 hours from $35,466 to a low of $33,221. Prices were up slightly at a point of about $33,793. Currently, the digital coin is trading at $32,898.74, according to CoinDesk.

The new presidential administration of Joe Biden also played its part in bringing down the currency, as it has focused on the lack of regulation in the crypto market, revealing a plan to heavily tax Bitcoin and other cryptocurrencies. The Federal Reserve also appears to be growing more serious about exploring the idea of a potential digital dollar.

Other cryptocurrencies including Ethereum and dogecoin, have fallen about 8%.

Experts have shown that ransomware actors use cryptocurrency to launder their transactions, and United States authorities have called the misuse of cryptocurrency in such situations a "massive enabler." These issues returned to the limelight on Monday when the US Justice Department disclosed that authorities recovered $2.3 million worth of bitcoin paid to ransomware hackers who attacked the Colonial Pipeline last month.