Even if crypto adoption is on the rise and most people are coming about its importance and the role it has to play in the setting of modern finance, some can’t seem to shake off all the volatility around it. Bitcoin, for example, has had some of the most tenacious critics breathing down its neck and no one ever comes closer to what former US President Donald Trump had to say about it.
Bitcoin should be Denoted as a Cautious Investment Vehicle, according to Donald Trump
He plainly referred to Bitcoin as a scam; he thinks that the speculative nature of Bitcoin and the volatility around its price makes him think this way. In an interview, he said that when Bitcoin came to his attention, it was only at $6000, and then it climbed like a roller coaster, and just like one, it could come rushing down at a stunning speed and drowning everyone enjoying the ride.
Another reason why Trump doesn’t like Bitcoin is that it is a direct contender to the US dollar. Trump wants the dollar to become the currency of the world and thus never wants Bitcoin to achieve something of the sorts; it could be this very reason that lets out a very biased statement to come from him regarding Bitcoin.
While other investors and financial advisors are coming around Bitcoin and the idea of decentralization, we see an important business figure of the US and its former president going away in the opposite direction. It is not savvy but a point you can ponder on as to why Trump doesn’t like the idea of cryptocurrency.
It is not like he is not familiar with the concept or has trouble understanding it. Could it be the fact that Bitcoin, if legalized as a financial solution in most parts of the world, could take down the dollar? Although Trump is not a fan of either Bitcoin or any other cryptocurrency, nothing can be said because, according to him, these are not real money.
The post Former US President Donald Trump Suggests that Bitcoin might be a Scam appeared first on CryptocyNews.com.
from CryptocyNews.com https://www.cryptocynews.com/former-us-president-donald-trump-suggests-that-bitcoin-might-be-a-scam/
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