Topline
Former President Donald Trump—who has a historically combative relationship with cryptocurrency—launched a harsh round of attacks against Bitcoin on Monday, calling it a “scam against the dollar” that U.S. regulators should take action to monitor.
WASHINGTON, DC – JANUARY 12: U.S. President Donald Trump speaks to reporters on the South Lawn of … [+]
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Key Facts
Trump doubled down on his criticism against the crypto during an interview with Stuart Varney on the Fox Business Network.
Asked about his thoughts on Bitcoin, the ex-president said he doesn’t “like” it and it “seems like a scam,” emphasizing his belief that the “currency of this world should be the dollar.”
He also called for greater monitoring of cryptocurrencies, saying they should be regulated “very, very high.”
Trump’s comments appeared to drive a dip in Bitcoin’s value as its price fell by over 1.3% (from $36,472 to $35,973) in the hour after the interview.
By 11 a.m. ET, the price had rebounded to just over $36,000.
Crucial Quote
“Bitcoin, it just seems like a scam,” Trump said. “I don’t like it because it’s another currency competing against the dollar … I want the dollar to be the currency of the world. That’s what I’ve always said.”
Key Background
This isn’t the first time Trump has voiced a negative opinion about Bitcoin. The price of the crypto fell by about $10,000 in 2019 after the then-president said he wasn’t a “fan of Bitcoin and other cryptocurrencies.” Former Trump administration National Security Advisor John Bolton also said Monday the ex-president “on several occasions” spoke to Treasury Secretary Steve Mnuchin about outlawing cryptocurrency.
Tangent
While many of America’s wealthiest are enthusiastic about Bitcoin, Trump is far from the only billionaire to voice skepticism or downright opposition to the crypto. Warren Buffet has long criticized Bitcoin, a sentiment recently echoed by Berkshire Hathaway Vice Chairman Charlie Munger who called it “disgusting” and bad for civilization.
Chief Critic
“I don’t welcome a currency that’s so useful to kidnappers and extortionists,” Munger said during a May panel. “I think the whole damn development is disgusting and contrary to the interests of civilization.”
Further Reading
“Warren Buffett’s Deputy Calls Bitcoin ‘Disgusting’ And Bad For Civilization” (Forbes)
