Donald Trump admits seeing bitcoin as dollar competitor

Speaking to Fox Business, former U.S. President Donald Trump said he doesn’t like bitcoin because he sees it as a competition of the dollar.

During the interview, Trump said, “Bitcoin just seems like a scam. I don’t like it because it’s another currency competing against the dollar,” which he wants to see to become the currency of the world.

Following his comments, some experts believe the former president revealed his understanding of bitcoin as a form of currency that makes all other money obsolete, resulting in his fear that one day, the dollar could lose its “world reserve currency” status.

In contrast with other sovereign countries

The former leader’s evaluation and response to the apparent growth of the largest cryptocurrency by market capitalization is the opposite of the sentiment of the leaders of other smaller sovereign nations.

During the 2021 Bitcoin Conference in Miami, the president of El Salvador announced they are aggressively working in making bitcoin a legal tender in their territory. Paraguay on the other hand is also engaged in efforts to follow in the footsteps of El Salvador.

Such development shows non-financially sovereign countries may be more inclined to adopt the crypto and enjoy its benefits than those nations that are in control of solid fiat currencies around the world.

Either fight or adopt it

With the former president’s acknowledgment of the potential of bitcoin to compete and eventually dethrone the dollar as the world’s reserve currency, world leaders are left with two options as it seems – to fight it or adopt it.

While the U.S. may try to fight bitcoin, it may turn out to be a futile endeavor as it is decentralized, the hard digital money that is impossible for any world leader or regulator to ban.

 

Image courtesy of Cointelegraph News/YouTube

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