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Former US President Donald Trump called the Bitcoin cryptocurrency a “scam.” In an interview with Fox Business Network on Monday, Trump said, “Bitcoin, this looks like a scam. I don’t like it because it’s another currency that competes with the dollar … I want the dollar to be the currency of the world. That’s what I’ve always said. “
The largest digital currency plunged nearly 6% on Asian exchanges and stood at $ 32,770 on Tuesday at 11 a.m. in Hong Kong (around 8:30 a.m. IST), according to Bloomberg.
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The price of Bitcoin has been trending down since early May and has yet to recover. In the first few months of the year, the digital token had soared to $ 60,000.
The current drop in Bitcoin’s rate is attributed to electric car maker Tesla’s turn around since its previous announcement to allow currency as a form of payment. The company reneged on its commitment and said it would no longer accept the token.
Tweets from Tesla owner Elon Musk regarding his energy use and unsustainable mining procedure have also wreaked havoc on the crypto market.
However, Trump’s Bitcoin-ignoring comment comes against the backdrop of Salvadoran President Nayib Bukele’s decision to make the country the first in the world to officially adopt digital currency as legal tender, which has raised concerns from the government. part of the International Monetary Fund (IMF).
Also Read: Bitcoin Slips After Musk Tweeted Heartbroken Emoji With Linkin Park Song
Contradicting Trump’s statement, Neil Wilson, chief market analyst for Markets.com, said that Bitcoin is certainly not a currency or a threat to the dollar, the BBC reported.
He said Bitcoin looked more like an investment, a stock or a bond, according to a report. “America’s way of influencing the world is primarily through the dollar, and it’s not going to give up on that, so I don’t see Bitcoin as a threat at all,” the BBC said.
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