07 Jun Trump calls Bitcoin a scam, advocates for dollar hegemony
The Federal Reserve is a private corporation that is not accountable to anyone but itself. It is a monopoly that prints money out of thin air. In the past, it has printed money to keep the stock market and the economy booming. But now, with the rise of bitcoin and other cryptocurrencies, the Fed is worried.
In an interview with CNBC’s Squawk Box, President Trump said he believes Bitcoin is a “fraud” and that he “would not be surprised” if the cryptocurrency is “going to be at $25,000” in the future. His comments come just days after he said he is “not a fan” of cryptocurrency, but that he would be “fine with it” if it “trades at a certain price.” He also criticized the cryptocurrency Bitcoin Cash, calling it a “bad deal.”
Bitcoin has been called a bubble, a fraud, and a Ponzi scheme. The president of the U.S. has even referred to it as “money laundering”. But while the world has debated Bitcoin, the market has continued to grow. And the price is slowly turning around, having dropped significantly in August. This indicates that the market is not as overheated as some of it’s critics claim.Former US President Donald Trump has once again lashed out at bitcoin (BTC). In a speech on FOX Business Monday, the former president noted: Bitcoin, it just seems like a scam […] I don’t like it because it’s another currency that competes with the dollar. I want the dollar to be the world currency. That’s what I’ve always said. TRUMP: Bitcoin, it just looks like a scam. I don’t like it. I want the dollar to be the currency of the world pic.twitter.com/CXjALsJmXx – August Takala (@AugustTakala) 7. June 2021 Trump’s comments are consistent with his previous positions on bitcoin. In fact, in July 2019, while in office, Trump said he was not a fan of bitcoin and cryptocurrencies. At the time, Trump cited price volatility as one of the main points of his anti-cryptocurrency stance, while claiming that cryptocurrencies are not money and their value is based on air. As Cointelegraph previously reported, the Trump administration has specifically tried to implement anti-cryptocurrency policies: Trump has reportedly told former Treasury Secretary Steve Mnuchin to go after bitcoin. In the final days of the Trump administration, the US Treasury Department has also caused a stir with controversial regulations for auditing stand-alone portfolios. In the Biden administration, this Trump-era policy has been extended even further: The IRS is also trying to close tax loopholes related to cryptocurrencies. However, proponents of crypto currency, such as Senator Cynthia Lummis and Assemblyman Warren Davidson, continue to defend the privacy rights of crypto currency. The conversation about regulation of crypto-currencies in the United States seems to have shifted to ransomware as the new focus of the anti-crypto-currency crowd in Washington. A series of ransomware attacks in the United States is likely behind this new direction. In May, Cointelegraph reported that the Biden administration was exploring loopholes in existing regulations for cryptocurrencies due to the recent drop in market prices.Shortly after the election, President-elect Donald Trump, who had previously threatened to impose a 45% tariff on Chinese-made goods, called bitcoin a “terrible thing” and said he was “bullish on the dollar.” A day later, however, he said that he was “all over the place” on the issue of the currency, and that he would leave it to his economic adviser, former Goldman Sachs president Gary Cohn, to handle it.. Read more about is axion a good investment and let us know what you think.
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