- Donald Trump, the former US President expressed his dislike for Bitcoin in an interview with Fox Business.
- Trump stated that his dislike for cryptocurrency stems from the fact that Bitcoin is in direct competition with the dollar.
- On the other hand, Trump’s successor, President Joe Biden is scheduled to speak about cryptocurrencies concerning the recent cyber-attacks.
- Already, the Biden administration has made significant strides in the review of existing rules and regulations around cryptocurrencies.
Cryptocurrency has the capability of whipping up diverse opinions and stances as the industry has ballooned into a $2 trillion market. One such skeptic is former president Donald Trump who recently seized the opportunity to express his distrust for Bitcoin as it can displace the dollar as the reserve currency of the world.
US President Joe Biden is scheduled to speak during the G-7 summit over the weekend on the widening influence of cryptocurrencies. It is expected that this will further the cause of his administration’s cause in reviewing existing regulations.
Trump Doesn’t Like Bitcoin
Donald Trump joins the long list of Bitcoin skeptics after his recent comments on Bitcoin during his interview with Fox Business. The former President stated that he has a high mistrust of the largest cryptocurrency in the world.
He said that crypto “just seems like a scam” and he does not like it because it stands in direct competition against the U.S dollar. “I want the dollar to be the currency of the world.”
Trump’s statement is revealing and crypto enthusiasts have latched onto the comment as proof that Bitcoin could render all other forms of money obsolete. The statement from the ex-president stands in contrast with the declaration of Nayib Bukele that will make El Salvador the first country in the world to have Bitcoin as a legal tender.
As evidenced by the El Salvadorian response, it seems that Less Economically Developed Countries (LEDCs) are more receptive to the concept of cryptocurrencies than More Economically Developed Countries.
When quizzed about his interest in the American stock market, Donald Trump commented that he is not investing in the market at the moment on grounds that the market is too high.
On the Flipside
- Bitcoin shed 10.58% of its market value in the space of 24 hours following the confiscation of the ransom paid to the hackers of the Colonial Pipeline.
- At the moment, Bitcoin is trading around the $34K mark and has a market capitalization of approximately $650 billion.
Joe Biden’s Stance
The US president, Joe Biden is scheduled to speak at the G-7 summit billed to take place from the 11th – 13th of June in the UK. According to reports trickling in from the National Security Adviser Jake Sullivan, the President will address the issues around cryptocurrencies and the role that they played in security attacks such as the Colonial Pipeline attack.
Sullivan hinted that the President is eager to release a plan on “how to deal with the cryptocurrency challenge”, as stated at a White House press briefing on Monday. He further remarked that cryptocurrencies play a key role in the way cyber-attacks are carried out and as such, are going to be a priority.
Although President Biden has not made any statements or declared his stance on cryptocurrencies, his administration is reportedly re-examining the gaps in the existing cryptocurrency regulations in the face of the recent fall in values of cryptocurrencies. The administration is keen on making the review to protect investors from the extreme volatility that characterizes the market.
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