From time to time, Mr. Trump called Bitcoin a ‘scam’ that caused the price of this digital currency to plummet

“Bitcoin is like a scam. I don’t like it because they compete with the dollar,” former President Trump said.

According to Fox Business news agency, former US President Donald Trump has called Bitcoin a “scam” that affects the value of the dollar.

In an interview with Fox, former President Trump also said he wants the dollar to become an international currency.

Immediately after the above statement, the price of Bitcoin plunged more than 11% in the session of June 8, 2021.

Former President Trump’s comments come after news that El Salvador plans to officially recognize cryptocurrencies on the market. The price of Bitcoin has been falling steadily since the beginning of May 2021 and has not recovered yet.

The main reason for this price drop is due to China tightening regulations, banning Bitcoin mining as well as digital currency payment services to support the new digital currency issued by the country’s central bank. Besides, the fact that billionaire Elon Musk turned his back and announced the postponement of accepting payments in Bitcoin also caused the market to plunge.

Seven Investment Management founder Justin Urquhart Stewart believes that Bitcoin is a threat to all currencies because they are not based on any financial foundation, but completely depend on the trust of players and encouragement. of celebrities like Elon Musk.

“Bitcoins are dangerous because they create unreliable transactions and are not based on any real value at all.”Mr. Stewart emphasized.

According to this founder, many people play Bitcoin like gamblers and they don’t care if it’s cryptocurrency or what. All these Bitcoin players notice is that they can make a quick profit. A large number of young tech-savvy people are quite fond of cryptocurrencies, but this is dangerous because they do not have deep financial training.

“They understand very well how to trade in the market to make a profit, but they have no concept of creating long-term prosperity.”founder Stewart said.

In the same opinion, Neil Wilson, director of market analysis at Markets.com, said that Bitcoin cannot threaten the position of the dollar because they do not even deserve to be considered a form of currency. The price volatility is so great that Bitcoin cannot become a widely used payment tool as well as a hoard of assets.

“The government doesn’t like people making their own currency. They may allow cryptocurrencies for a while, but eventually governments will create their own and squeeze the market to get rid of Bitcoin.”director Wilson said.

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