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Trump calls Bitcoin a scam, advocates for dollar hegemony

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Trump calls Bitcoin a scam, advocates for dollar hegemony

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Former US President Donald Trump is still not a fan of Bitcoin, calling it a scam and declaring that the dollar should remain the “currency of the world.”

Former US President Donald Trump has once again criticized Bitcoin (BTC).

Appearing on FOX Business on Monday, the former president said:

“Bitcoin, this looks like a scam […] I don’t like it because it is another currency that competes with the dollar. Essentially, it is 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.

Trump’s comments are in line with his previously held views on Bitcoin. In fact, in July 2019, while in power, Trump said that he was not a fan of Bitcoin and cryptocurrencies.

At the time, Trump identified price volatility as a major point of his anti-crypto stance while claiming that cryptocurrencies were not money and that their value was based on “nothingness.”

Related Article: Bitcoin Vs Dogecoin What’s the Difference?

As Cointelegraph previously reported, the Trump administration has specifically sought to adopt anti-crypto policies; Trump reportedly telling former Treasury Secretary Steve Mnuchin that he is “going after Bitcoin.”

The final days of the Trump administration also saw the Treasury stir the pot with controversial regulations to monitor self-hosted wallets. This Trump-era policy has been further expanded by the Joe Biden administration; the Internal Revenue Service is also looking to close tax loopholes related to cryptocurrencies.

However, pro-crypto congressmen like Sen. Cynthia Lummis and Representative Warren Davidson continue to defend the privacy rights of crypto wallets.

The conversation about crypto regulation in the United States appears to have shifted to ransomware as a new focus for the anti-crypto mob in Washington. A wave of ransomware attacks in the United States is likely responsible for the new narrative shift.

In May, Cointelegraph reported that Biden’s management was examining loopholes in existing crypto rules following the recent price drop in the market.

Related Article: Bitcoin Vs Dogecoin What’s the Difference?

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