In a program on Fox News, former US President Donald Trump called Bitcoin a scam against the dollar. An hour after the declaration, Bitcoin’s price had fallen 1.3% from $ 36,472 to $ 35,973. However, the cryptocurrency was in a good momentum after El Salvador considered making BTC its second national currency.
Donald has never been a Cryptocurrency Fan!
So many seem astonished by the statement of the former President of the United States but in reality that is not too surprising. In 2019, Donald Trump had already made it known that he was not a fan of Bitcoin and other cryptocurrencies because they were too volatile and based on wind. At that time, his statement had also plunged the value of BTC to around $ 10,000 on the stock market.
Forbes says former US national security adviser John Bolton revealed that Trump has repeatedly asked his Treasury Secretary Steve Mnuchin to look into the regulation of cryptocurrencies.
Clearly, politicians are not too much of a cryptocurrency fan. Janet Yellen had shunned the idea of a regulatory framework for cryptocurrencies. Even its bell in Europe, the authorities do not welcome the emancipation of cryptos. There is no need to remind you of the position of the Middle Empire, whose reaction has rocked the price of Bitcoin and other cryptocurrencies.
Trump and Bitcoin: Political Position or Real Fear on the Value of BTC?
He doesn’t like being called a politician or, better yet, not the elite Washington establishment model because he always portrays himself as one who defends the interests of the American people. America First’s instinct or position does not seem to have gone out of Trump’s dialectic.
Speaking with Fox Business’s Stu Varney, Trump said:
Bitcoin, it just looks like a scam. I was surprised – you know, with us it was 6,000 and, much lower. I don’t like it, because it’s another currency that competes with the dollar, it’s basically 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.
From this statement, you don’t have to be an expert in politics or international economics to understand that whoever has been the supreme manager of the dollar’s interests, is against Bitcoin and other cryptocurrencies.
If in intraday more particularly one hour after Donald Trump’s statement, the price of Bitcoin fell 1.3% to $ 35,973 and even fell to $ 34,123 (11:19 pm GMT-5), the fundamentals should not change. Bitcoin price should be as close as possible to $ 100,000, instead of $ 20,000, according to some analysts.
MicroStrategy just announced today that it plans to lend $ 400 million to acquire more Bitcoin. Last Saturday in the Bitcoin conference, Kevin O’Leary said:
When the bitcoin mining ESG issues are resolved, which I believe, we will see a large amount of billions of dollars of managed (institutional) money coming in to buy this asset.