Donald Trump calls Bitcoin ‘a scam against the dollar
Former US President Donald Trump has told Fox Business that he sees Bitcoin as a “scam” affecting the value of the US dollar.
“Bitcoin, it just seems like a scam,” Mr Trump said. “I don’t like it because it’s another currency competing against the dollar.”
He added that he wanted the dollar to be “the currency of the world”.
His comments come on the back of news El Salvador plans to make the crypto-currency legal tender.
The price of Bitcoin has been falling steadily since early May and so far has not recovered.
The falls were widely attributed to China banning banned banks and payment firms from providing services related to crypto-currency transactions, as well as electric car maker Tesla announcing it would no longer accept the currency a week before that.
Is Bitcoin actually a threat to currency? Here’s what experts we spoke to think.
‘Bitcoin is a threat to all major currencies’
Justin Urquhart-Stewart, co-founder of Seven Investment Management and the Regionally investment platform, thinks Bitcoin does have a potential threat of destabilising currencies “because it has taken off in such a way that it’s created a popular appeal without any sound financial straignt