According to Donald Trumps Opinion, Bitcoin seems a scam

By: Bharggavi Ssayee

According to Donald Trumps Opinion, Bitcoin seems a scam

June 10, 2021 7:35 AM

In a program on Fox News, former US President Donald Trump called Bitcoin a scam against the dollar. An hour after its declaration, the price of Bitcoin fell 1.3%, from $ 36,472 to $ 35,973. However, the cryptocurrency was in a good momentum after El Salvador decided to make BTC its second national currency.


Donald has never been a Cryptocurrency Fan!

Many seem astonished by the statement by the former President of the United States. In reality, it is not too surprising. In 2019, Donald Trump had already made it known that he was not a fan of Bitcoin and other cryptocurrencies because they were too volatile and based on wind. At that time, his words triggered the plunge in the value of BTC to around $ 10,000 on the stock market.


Forbes says former US national security adviser John Bolton revealed that Trump has repeatedly asked his Treasury Secretary Steve Mnuchin to look into the regulation of cryptocurrencies.


Clearly, politicians are not too fond of cryptocurrencies. Janet Yellen had suggested the idea of ​​a regulatory framework for cryptocurrencies. Even his bell in Europe. The authorities do not welcome the emancipation of cryptos. There is no need to remind you of the position of the Middle Empire, whose reaction has dynamited the price of Bitcoin as well as that of other cryptocurrencies.


Trump and Bitcoin: Political Position or Real Fear on the Value of BTC?

He does not like to be called a politician or compared to the model of the establishment elites in Washington. Trump prefers to present himself as the one who defends the interests of the American people. America First's instinct or stance does not seem to have gone out of Trump's dialectic.


Speaking with Fox Business's Stu Varney, Trump said:


Bitcoin, it just looks like a scam. I was surprised - you know, with us it was 6,000 and, much lower. I don't like it, because it's another currency that competes with the dollar, it's basically a currency that competes with the dollar. I want the dollar to be the currency of the world. That’s what I’ve always said.


From this statement, you don't have to be an expert in politics or international economics to understand that whoever has been the supreme manager of the dollar's interests, is against Bitcoin and other cryptocurrencies.


What Impact for the Future of the Bitcoin Price?

If in intraday more particularly one hour after Donald Trump's statement, the price of Bitcoin fell 1.3% to $ 35,973 and even fell to $ 34,123 (11:19 pm GMT-5), the fundamentals should not change. According to some analysts, the price of Bitcoin should be as close as possible to $ 100,000 instead of $ 20,000.


MicroStrategy just announced today that it plans to take on $ 400 million in debt to acquire more Bitcoin. Last Saturday, in the Bitcoin conference, Kevin O’Leary said:


“When the bitcoin mining ESG issues are resolved, which I think, we will see a large amount of billions of dollars of managed (institutional) money coming in to buy this asset.”