Last Updated on 09/06/2021 by Sanskriti
Bitcoin, according to former US President Donald Trump, is a “scam.” “Bitcoin, it simply sounds like a swindle,” Trump remarked in an interview with Fox Business Network on Monday, “Bitcoin, it just seems like a scam. 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.”
According to the records, Cryptocurrency is the most trending currency falling at $32,770 at 11 am in Hong Kong (around 8.30 am IST).
A drop in the price of Bitcoin was observed in the month of May, still not recovered yet. In the beginning months of the year, the digital token touched the rate at $ 60,000.
The present decline in Bitcoin’s value can be attributed to Tesla’s U-turn on its prior statement of accepting the currency as payment. The corporation has reneged on its promise and stated that it would no longer accept the token.
Tesla’s owner Elon Musk tweeted saying that the mining process and energy consumption are also the reason creating a disturbance in the Bitcoin market.
Trump’s remark on Bitcoin, on the other hand, comes in the wake of El Salvador’s President Nayib Bukele’s choice to make his country the first in the world to legally recognize the digital currency as legal money, causing the International Monetary Fund to express alarm (IMF).
According to the BBC, Neil Wilson, chief market analyst for Markets.com, contradicted Trump’s remarks, saying that Bitcoin is neither a currency nor a danger to the dollar. As in a report, he considers Bitcoin as an investment, a bond, or a stock. “The means by which America exerts influence over the world is predominantly by the dollar, and it’s not going to give that up, so I don’t see Bitcoin as a threat whatsoever.”