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The structural integrity of his brain may be questionable, but if anyone sees the scam, it is former President Donald Trump, whose business history has been filled with complaints of unpaid bills and shady dealings with finance. On Monday, in an interview with Fox Business, Trump denounced Bitcoin, the volatile digital currency. Bitcoin, just looks like a scam, Trump says. I don’t like it because it’s another currency competing against the dollar. (Trump added, oddly enough for an alleged billionaire, that he hasn’t invested in the stock market yet.)
Cue the Mandatory Onion Article: The worst person you know will make a great point. Trump hit on something that even Bitcoin critics sometimes don’t notice. The status of Bitcoins as a stateless, non-sovereign currency is, to its followers, an obvious benefit. It frees them, in their sight, from the chains of Fiat currency, run by ruthless central banks that print money out of thin air. For committed coiners, there are a range of other benefits, but the feeling of freedom from the state itself is key. However, for critics, this is a fast road to feudalism, in an imaginary market dominated by the largest bag holders and operators of cryptocurrency exchanges and other intermediaries. Instead of promoting economic freedom by being a stateless currency, Bitcoin provides an entre in a wildcat market dominated by fraudsters, scammer, and powerful institutional investors. There’s a reason Trump said what he did: He recognized his milieu.
In the ideology tinged Bitcoin battle, a person should not be either a coiner fanatic or a fiat nut. Nor should it follow a jingoistic Trumps economic policy to understand that a state-backed currency brings certain benefits, and an inherent stability, never found in a volatile digital currency invented. of a still unknown creator, supported by none other than the code and the faith of its holders. Through its dramatic swings in recent weeks, Bitcoin has once again proven its worth as a currency and its continued resemblance to something more like a wildly manipulative multilevel marketing scheme.
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