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Donald Trump says bitcoin is a scam. Here’s why

Donald Trump, former President of the United States, called Bitcoin a “scam” on June 7. Trump even stated that bitcoin was a scam because it competes with the dollar.

In an interview to Fox Business Network on Monday, Trump said, “Bitcoin, it just seems like a scam. It’s another currency that competes with the dollar, which I don’t like. The dollar should be the currency of all nations. This is what I have always believed.”

The comments of the ex-US President came just a day after El Salvador President Nayib Bukele had decided to officially adopt the digital currency. El Salvador became the first country to adopt the digital currency. This decision caused concern among economists and experts at the International Monetary Fund.’s chief analyst Neil Wilson believes that Bitcoin is not a currency. He stated that Bitcoin must be able to pay, have a unit in account and provide a store of value.

Bitcoin is more like a security than a stock or bond. Although it’s appreciated massively, it’s far too volatile to be a currency – it moves around more than most stocks do,” BBC quoted Wilson as saying.

Wilson doesn’t consider Bitcoin a threat. Wilson said that the primary means America exerts its influence on the world is through the dollar. Wilson also stated that he doesn’t consider Bitcoin a threat.

The largest digital currency saw its value fall by 10.05 percent on June 8 to $32,095.61 during 24-hour trading. According to, the market value of Bitcoin was $600.57 at 10.40 PM (IST). The highest 24-hour trading volume for Bitcoin was $35,899.85.