Former President of the United States Donald Trump said that Bitcoin “seems like a scam,” and should be “regulated very very high” in an interview on Monday.
“Bitcoin, it just seems like a scam,” Trump said in the Monday interview with Stuart Varney on Fox Business Network on Monday, when asked about his thoughts on cryptocurrency and the US stock market.
He said that he does not like Bitcoin because it is competing against the dollar.
“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.”
On investing in the stock market, the former president said that he has not invested in the stock market “at this moment” despite trading in the past because it is currently sitting too “high.”
On the issue of regulation, Trump reiterated his point about the importance of the U.S dollar, but also said that Bitcoin should be regulated “very very high,” when asked about whether or not Bitcoin should face government regulation.
The price of cryptocurrencies declined in the early hours of Tuesday, with Bitcoin crashing to its lowest point in more than one week. The most popular crypto was not alone in the crash, Ethereum also fell 11.75% to $2,457.54.
Trumps’s comments comes amid renewed crack down on cryptocurrency in China and the news that El Salvador plans to make the crypto-currency legal tender.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.