Washington: Former US President Donald Trump has termed the bitcoin as a fraud against the dollar and said that the bitcoin is a ‘fraud’ that is affecting the value of the US dollar.
He expressed these views in an interview with Fox Business, adding that he wanted to see the dollar as the world’s currency. And I don’t like any other currency to compete with the US dollar.
Donald Trump’s statement comes at a time when El Salvador is planning to legalize cryptocurrency transactions. It should be noted that the value of the bitcoin has been declining rapidly since May this year and has not stabilized so far.
There are a number of factors that have contributed to the decline in bitcoin prices, such as the crackdown on cryptocurrency mining in China, in which China banned banks and money transfer companies from providing services related to cryptocurrency transactions ۔
Similarly, Elon Musk, founder of electric car maker Tesla and SpaceX, announced that he would not accept bitcoins to buy Tesla. I was also starting to decrease.
Is Bitcoin Really a Threat to Other Currencies?
Justin Archiwart Stewart, co-founder of Seven Investments Management, a British financial services provider, says the “bitcoin is a threat to all major currencies.” That it has become very popular due to its stable financial strength.
He accused the likes of Elon Musk of skyrocketing the value of the bitcoin, whose stupid behavior has created a perception of cryptocurrency as a trusted currency in the minds of the general public. Bitcoin is very dangerous because its reputation is being unreliably enhanced.
He added that the trend of corrupt currency is on the rise among the youth who have little understanding of technology and they are taking a lot of risks in this unchanging currency as they have not received formal education in finance. He says it should now be part of the curriculum on how to pass on family money to the next generation.
“We now have a young generation of ‘speculators’ who have no knowledge of financial planning and development,” says Justin Archive-Hurt. Not how long-term wealth is created.
Bitcoin is not a currency!
Neil Wilson, chief market analyst at Market.com, a global company that trades Forex, commodities and shares, believes that the bitcoin is certainly not a currency. He says that in order to meet the definition of currency, the following actions must be taken.
- Being a unit of account
- Provides the best store value
- Used for payments
And that’s why I would call bitcoin a security like shares and bonds instead of a currency. Neil Wilson says that although the bitcoin is widely accepted, it is still very volatile in terms of a currency, and its value fluctuates like a share.
The second most important reason is that most people are saving it in the form of capital instead of buying it and spending it immediately. However, I do not agree with Donald Trump that cryptocurrency poses a threat to the US dollar, although it may pose minor risks to gold.
He said that governments do not like the people to create money, apparently they have been tolerating corrupt currency for some time, but sooner or later they will make their own digital currency and get the bitcoin out of it. Will do