Bitcoin’s downward trend doesn’t seem to end as the list of people criticizing it continues to increase in length. The latest addition to the list is President Donald Trump. The former President of the United States commented that Bitcoin seems like a scam. He made it pretty clear that he doesn’t like Bitcoin
The former President also went on to say that the reason for his dislike was that cryptocurrency is another currency competing against the United States dollar. He wants the US dollar to be the currency of the world and it is a hurdle in achieving the feat.
The cryptocurrency has already been going through a bad time since Elon Musk announced that he will suspend Bitcoin payments from Tesla till Bitcoin becomes more environmentally friendly. The market plunged after the news and Bitcoin along with other currencies lost almost 50 % of its value.
The year also had been particularly hard for the cryptocurrency as it hadn’t been able to cross its $60k mark despite many rallies. Donald trump’s attitude towards cryptocurrency has been opposite to that of his fellow counterparts most of whom have started to see the future.
The US dollar is widely regarded as one of the most powerful currencies of the world and has an effect on every currency of the world. Though President Trump might see it as a competition Bitcoin is completely different in concept and functioning. The currency is decentralized contrary to currency and is more often looked as an investment option rather than a trading tender.