(FreedomBeacon.com)- Former President Donald Trump revealed on Monday that he isn’t a supporter of cryptocurrency, claiming that Bitcoin – the first cryptocurrency ever developed and currently the most valuable – 9s a “scam.”
Trump said that cryptocurrency is a threat to the United States and the dominance of the American Dollar globally.
Speaking to Stuart Varney on Fox News, Trump said that he doesn’t like Bitcoin as it is “competing against the dollar” and that he wants the dollar to be the “currency of the world.”
It’s not the first time that the former president has targeted Bitcoin, but it’s more significant now that Bitcoin has firmly established itself as a serious currency contender on the global stage. In 2019, President Trump took to Twitter to say he was not a fan of Bitcoin and cryptocurrencies generally saying that they are “Not money” and their value is “volatile and based on thin air.”
It’s technically true, but cryptocurrency has proven resilient. The value of a single Bitcoin peaked in the spring of this year when it reached more than $63,000 USD. Today, the value is sitting at around the $36,000 mark, though many have speculated that the currency is going through a consolidation phase and is expected to reach new highs in the coming months and years.
The currency is now so valuable that El Salvador just became the first country to officially consider Bitcoin legal tender. A supermajority of lawmakers voted to support Bitcoin in the country, sending the price of Bitcoin rocketing up by 8.5%.
President Nayib Bukele proudly announced his decision to send the “Bitcoin Law” to Congress.
— Nayib Bukele 🇸🇻 (@nayibbukele) June 9, 2021
The law says that the currency will now be considered an “unrestricted legal tender with liberating power” that will be unlimited in any transaction. It means that taxes can be paid with Bitcoin, exchanges can be made with the currency, and it will also not be subject to capital gains tax laws in the country as a result.