Donald Trump calls Bitcoin a scam again


TL;DR Breakdown

  • Trump says he hates Bitcoin once again
  • Trump’s previous positive impact on Bitcoin

The immediate past president of the United States of America, Donald Trump, has voiced his skepticism again about Bitcoin. He reiterated he is not a fan of cryptocurrency because of the threat it poses against the U.S. dollar.

The ex-president said this during an interview on Monday by Fox TV. Trump called bitcoin a scam because he did not like that the biggest cryptocurrency by market capitalization was competing against the U.S. dollar.

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

This is not the first time Donald Trump would openly say he hates Bitcoin. He has always been of the opinion that BTC and other crypto-assets should not be regarded as money.

In 2019, when he was still president, he said Bitcoin was highly volatile, and its value was based on thin air.

How Donald Trump made Bitcoin surge in 2019

In 2019, when Donald Trump voiced his hate for Bitcoin, it led to a surge in the price of the cryptocurrency.

Following Trump’s tweet, all major cryptocurrency markets experienced an uptrend, with BTC gaining over $400 in three hours after a significant downturn. The biggest winners from Trump’s bashing back then were Stellar, Cardano, and Binance Coin, which gained 8.1 percent, 4.7percent, and 8.3 percent in 24 hours, respectively.

Furthermore, according to Google Trends, U.S. searches for the term “Bitcoin” significantly increased from 41 to 100 – after Trump’s tweets in 2019.

Despite Trump’s crypto bash, the predominant sentiment within the cryptocurrency community is that his words were actually good news.

Donal Trump unknowingly made Bitcoin more popular back then as his tweet got 12,300 retweets, 41,000 likes, and 12,600 comments among his almost 62 million followers.

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Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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